On Friday Asia session, bitcoin continued to fall. The current price is at US$56,200. Bit Digital announced that all Bitcoin mining machines have moved out of China, and India will prohibit the listing and trading of cryptocurrencies without government approval. Argentina plans to impose a 0.6% tax on cryptocurrency exchanges.
From a technical perspective, the daily graph closed by 5 consecutives bearish candles and went downward breaking through lower BOLL band. The indicator showed bearish signal. On H4 graph, bitcoin formed bottom ladder. MA diverged downward. MACD fell quickly. RSI was in weak zone at level 30. Overall, prioritise Sell on the high position. The chart below is showing the key point and the estimated trend, the deciding point whether to buy or sell is near 57500.
Resistance：57500-58400-60000
Support：55500-54300-53000
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