Bitcoin value prolonged its losses and traded beneath the $64,500 degree. BTC is correcting losses, however the bears are nonetheless in management and intention for extra losses.
- Bitcoin remained in a bearish zone and traded beneath $64,500.
- The value is buying and selling beneath $65,500 and the 100 hourly Simple transferring common.
- There is a connecting pattern line forming with resistance at $65,400 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair stays at threat of extra downsides beneath the $64,000 assist zone.
Bitcoin Price Dips Further
Bitcoin value remained in a bearish zone after it settled beneath the $66,500 resistance zone. BTC prolonged losses and traded beneath the $65,000 degree. There was additionally a dip beneath $64,500.
A low was shaped at $64,050 and the worth is now correcting losses. There was a minor restoration above the $64,500 degree. The value climbed above the 23.6% Fib retracement degree of the downward wave from the $67,255 swing excessive to the $64,050 low.
Bitcoin is now buying and selling beneath $65,500 and the 100 hourly Simple moving average. There can also be a connecting pattern line forming with resistance at $65,400 on the hourly chart of the BTC/USD pair.
On the upside, the worth is dealing with resistance close to the $65,500 degree and the pattern line. The first main resistance may very well be $65,650 or the 50% Fib retracement degree of the downward wave from the $67,255 swing excessive to the $64,050 low. The subsequent key resistance may very well be $66,000.
A transparent transfer above the $66,000 resistance would possibly begin a good improve and ship the worth increased. In the acknowledged case, the worth may rise and check the $66,500 resistance. Any extra beneficial properties would possibly ship BTC towards the $67,500 resistance within the close to time period.
More Losses In BTC?
If Bitcoin fails to climb above the $65,400 resistance zone, it may begin one other decline. Immediate assist on the draw back is close to the $64,800 degree.
The first main assist is $64,200. The subsequent assist is now forming close to $64,000. Any extra losses would possibly ship the worth towards the $63,200 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 close to the 50 degree.
Major Support Levels – $64,500, adopted by $64,000.
Major Resistance Levels – $65,400, and $66,000.
