Bitcoin value continues to be struggling to clear the $70,000 resistance. BTC is slowly transferring decrease and would possibly quickly drop towards the $67,000 help.
- Bitcoin value is struggling to clear the $69,500 and $70,000 ranges.
- The value is buying and selling above $68,000 and the 100 hourly Simple transferring common.
- There is a key bullish pattern line forming with help at $68,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair might proceed to maneuver down and commerce towards the $67,000 help zone.
Bitcoin Price Starts Consolidation
Bitcoin value made one other try to gain strength above the $69,000 stage. BTC cleared the $69,500 stage, however the bears had been lively close to the $70,000 resistance zone.
A excessive was fashioned at $69,981 and the value began a draw back correction. There was a transfer beneath the $69,500 and $69,200 ranges. The value declined beneath the 23.6% Fib retracement stage of the upward wave from the $65,200 swing low to the $69,981 excessive.
Bitcoin is now buying and selling above $68,000 and the 100 hourly Simple moving average. There can be a key bullish pattern line forming with help at $68,000 on the hourly chart of the BTC/USD pair. The pattern line is near the 50% Fib retracement stage of the upward wave from the $65,200 swing low to the $69,981 excessive.
Immediate resistance is close to the $68,850 stage. The subsequent key resistance may very well be $69,200, above which the value might rise towards the $69,500 resistance zone.
Source: BTCUSD on TradingView.com
If there’s a clear transfer above the $69,500 resistance zone, the value might even try a transfer above the $70,000 resistance zone. Any extra good points would possibly ship the value towards the $72,000 stage.
More Losses In BTC?
If Bitcoin fails to rise above the $68,850 resistance zone, it might begin one other decline. Immediate help on the draw back is close to the $68,000 stage and the pattern line.
The first main help is $67,000. If there’s a shut beneath $67,000, the value might begin a good pullback towards the $65,500 stage. Any extra losses would possibly ship the value towards the $64,400 help zone.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now beneath the 50 stage.
Major Support Levels – $68,000, adopted by $67,000.
Major Resistance Levels – $68,850, $69,200, and $69,500.
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