Bitcoin worth prolonged its decline beneath the $68,000 stage. BTC is now slowly shifting decrease towards the $66,250 assist zone in the close to time period.
- Bitcoin prolonged its draw back correction beneath the $68,000 zone.
- The worth is buying and selling beneath $68,500 and the 100 hourly Simple shifting common.
- There is a key bearish development line forming with resistance at $67,900 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may proceed to maneuver down except there’s a shut above the $68,500 stage.
Bitcoin Price Dips Further
Bitcoin worth prolonged its draw back correction beneath the $69,000 stage. BTC bears had been in a position to push the worth beneath the $68,000 assist. Finally, the worth examined the $67,000 zone.
A low has fashioned at $67,100 and the worth is now consolidating losses. It recovered above the $67,5000 stage and the 23.6% Fib retracement stage of the downward wave from the $70,600 swing excessive to the $67,100 low, with a bearish angle.
Bitcoin is now buying and selling beneath $68,500 and the 100 hourly Simple shifting common. On the upside, the worth is dealing with resistance close to the $68,000 stage. There can also be a key bearish development line forming with resistance at $67,900 on the hourly chart of the BTC/USD pair.
The first main resistance might be $68,800 or the 50% Fib retracement stage of the downward wave from the $70,600 swing excessive to the $67,100 low.
The subsequent key resistance might be $69,250. A transparent transfer above the $69,250 resistance may ship the worth increased. In the acknowledged case, the worth may rise and check the $70,000 resistance. Any extra features may ship BTC towards the $72,600 resistance.
More Losses In BTC?
If Bitcoin fails to climb above the $68,000 resistance zone, it may proceed to maneuver down. Immediate assist on the draw back is close to the $67,250 stage.
The first main assist is $67,000. The subsequent assist is now forming close to $66,250. Any extra losses may ship the worth towards the $65,000 assist zone in the close to time period.
Technical indicators:
Hourly MACD – The MACD is now dropping tempo in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.
Major Support Levels – $67,100, adopted by $66,250.
Major Resistance Levels – $68,000, and $68,800.
