Bitcoin value prolonged its decline under the $65,000 assist zone. BTC is now consolidating losses and may try a restoration wave towards $67,000.
- Bitcoin value declined additional under the $65,500 and $65,000 ranges.
- The value is buying and selling under $67,500 and the 100 hourly Simple shifting common.
- There is a key bearish pattern line forming with resistance close to $67,200 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might recuperate however the bears may stay lively close to $67,000.
Bitcoin Price Drops Further
Bitcoin value turned crimson after it broke the $68,000 support zone. BTC prolonged its decline under the $65,500 and $65,000 ranges. Finally, it examined the $64,500 area.
A low was fashioned close to $64,572 and the value is now consolidating losses. There was a transfer above the $65,000 degree. The value even examined the 23.6% Fib retracement degree of the downward transfer from the $71,306 swing excessive to the $64,572 low.
Bitcoin is now buying and selling under $67,000 and the 100 hourly Simple moving average. There can be a key bearish pattern line forming with resistance close to $67,200 on the hourly chart of the BTC/USD.
Immediate resistance is close to the $66,000 degree. The first main resistance may very well be $67,200 and the pattern line. If there’s a clear transfer above the $67,200 resistance zone, the value might begin a contemporary enhance. In the said case, the value might rise towards the 50% Fib retracement degree of the downward transfer from the $71,306 swing excessive to the $64,572 low at $67,950.
Source: BTCUSD on TradingView.com
The subsequent main resistance is close to the $68,500 zone. Any extra features may ship Bitcoin towards the $70,000 resistance zone within the close to time period.
More Losses In BTC?
If Bitcoin fails to rise above the $67,200 resistance zone, it might proceed to maneuver down. Immediate assist on the draw back is close to the $65,200 degree.
The first main assist is $64,500. The subsequent assist sits at $64,000. If there’s a shut under $64,000, the value might begin a drop towards the $62,500 degree. Any extra losses may ship the value towards the $60,500 assist zone within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now under the 50 degree.
Major Support Levels – $65,200, adopted by $64,500.
Major Resistance Levels – $66,000, $67,200, and $67,950.
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