Trade Ideas #BTC☀ updated BTC is showing a sharp bearish on 5 hour time frame eyeing 53800 if 53800 breaks go to 50700.
54450 is our pivot point.
Our preference
Rebound towards 56630.
Alternative scenario
The downside breakout of 54450 would call for 53640 and 53160.
Comment
The RSI is below 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 55402 and 56323).
Supports and resistances
57600 **
57120 *
56630 **
56150
55181 last
54770
54450 **
53640 *
53160 **
Number of asterisks represents the strength of support and resistance levels.