BTCUSD $53,000 Critical

Bitcoin is tumbling lower in early Tuesday trade after staging an aggressive bearish breakout from a symmetrical triangle pattern. Bulls now need to defend the $ 53,000 support level to avoid the BTCUSD pair posting further heavy losses towards the $ 50,000 support level. The MACD indicator on the daily time is starting to trend lower, which means that intraday selling pressure is increasing.

The BTCUSD pair is only bullish while trading above the $ 53,000 level, key resistance is found at the $ 55,000 and the $ 57,500 levels.

If the BTCUSD pair trades below the $ 53,000 level, sellers may test the $ 50,000 and $ 48,000 levels.