Bitcoin worth began one other decline from the $70,000 resistance zone. BTC is down over 5% and there was a transfer beneath the $67,500 assist.
- Bitcoin worth is gaining bearish momentum from the $70,000 resistance zone.
- The worth is buying and selling beneath $68,500 and the 100 hourly Simple transferring common.
- There is a key bearish pattern line forming with resistance close to $68,400 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may lengthen its decline towards the $64,000 assist zone within the close to time period.
Bitcoin Price Turns Red
Bitcoin worth struggled to settle above the $70,000 resistance zone. BTC reacted to the draw back after it broke the $69,200 assist zone. There was a pointy transfer beneath the $68,500 stage.
The worth even declined beneath the $67,000 stage. Finally, it examined the $66,000 with a bearish angle. A low was fashioned close to $65,992 and the worth is now trying a restoration wave. There was a transfer above the $66,800 stage.
The worth moved above the 23.6% Fib retracement stage of the downward transfer from the $69,884 swing excessive to the $65,992 low. However, Bitcoin is now buying and selling beneath $68,500 and the 100 hourly Simple moving average. There can also be a key bearish pattern line forming with resistance close to $68,400 on the hourly chart of the BTC/USD.
Immediate resistance is close to the $68,000 stage. It is near the 50% Fib retracement stage of the downward transfer from the $69,884 swing excessive to the $65,992 low. The first main resistance may very well be $68,500 and the pattern line. If there’s a clear transfer above the $68,500 resistance zone, the worth may begin a contemporary improve.
Source: BTCUSD on TradingView.com
In the acknowledged case, the worth may rise towards the $70,000 resistance zone within the close to time period. The subsequent main resistance is close to the $71,500 zone.
More Losses In BTC?
If Bitcoin fails to rise above the $68,000 resistance zone, it may proceed to maneuver down. Immediate assist on the draw back is close to the $66,000 stage.
The first main assist is $65,000. The subsequent assist sits at $64,000. If there’s a shut beneath $64,000, the worth may begin a drop towards the $62,500 stage. Any extra losses may ship the worth towards the $60,500 assist zone within the close to time period.
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 – $66,000, adopted by $65,000.
Major Resistance Levels – $68,000, $68,500, and $70,000.
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