Bitcoin worth prolonged losses under $67,500 help zone. BTC examined the $66,000 help zone and is now making an attempt a restoration wave.
- Bitcoin began one other decline under the $68,500 help zone.
- The worth is buying and selling under $68,000 and the 100 hourly Simple shifting common.
- There is a connecting bearish development line forming with resistance at $68,650 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may get well however the upsides may be restricted above the $68,500 degree.
Bitcoin Price Dives
Bitcoin worth failed to begin one other improve above the $68,500 resistance zone. BTC reacted to the draw back and traded under the $68,000 degree. There was a drop under the $67,500 and $67,000 ranges.
The worth examined the $66,000 zone. A low was shaped at $66,059 and the worth is now consolidating losses above the 23.6% Fib retracement degree of the downward transfer from the $70,143 swing excessive to the $66,059 low. Bitcoin is now buying and selling under $68,500 and the 100 hourly Simple moving average.
On the upside, the worth is going through resistance close to the $67,600 degree. The first main resistance could possibly be $68,000 and the 50% Fib retracement degree of the downward transfer from the $70,143 swing excessive to the $66,059 low.
The subsequent key resistance could possibly be $68,500. There can also be a connecting bearish development line forming with resistance at $68,650 on the hourly chart of the BTC/USD pair. The development line can also be near the 100 hourly Simple shifting common.
A transparent transfer above the $68,500 resistance would possibly ship the worth increased. In the acknowledged case, the worth may rise and take a look at the $69,000 resistance. Any extra good points would possibly ship BTC towards the $70,200 resistance within the close to time period.
More Losses In BTC?
If Bitcoin fails to climb above the $68,500 resistance zone, it may begin one other decline. Immediate help on the draw back is close to the $66,700 degree.
The first main help is $66,200. The subsequent help is now forming close to $66,000. Any extra losses would possibly ship the worth towards the $65,500 help 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 – $66,700, adopted by $66,000.
Major Resistance Levels – $68,000, and $68,500.
