BTCUSD crashed down yesterday towards 51000 but it recovered from most of it today. This happened due to the power cut in one of the provinces of China which put a stop on mining farms. As the result, the network hashrate declined by 40%.
The support rests at 56297.60 with resistance at 58898.30 which the weekly pivot point at 60060.80 is located above the lines. The EMA of 10 is moving with bearish bias in the descendant channel and it is located below the EMA of 100 and the EMA of 200. The RSI is moving below level 50, the MACD line is below the signal line in the negative territory and the Stochastic is showing upward momentum. The ADX is not showing any clear signals. The price is below the Ichimoku Cloud and below the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a horizontal trend.
The support level breakthrough will pave the way for further decline towards 53900; otherwise long positions are recommended towards 60000.