Bitcoin climbed above the $59,000 level, but it failed to gain strength above the $59,200 and $59,500 resistance levels. BTC traded as high as $59,475 and recently started a downside correction. It traded below the key $58,250 support level and $58,000. It even settled below the $58,000 level and the 100 hourly simple moving average. A low is formed near $57,250 and the price is now consolidating losses near $57,500. It seems like there is a major contracting triangle forming with support near $57,400 on the hourly chart of the BTC/USD pair. An immediate resistance on the upside is near the $57,800 level. It is near ... (full story)