Bitcoin worth corrected gained from the $66,000 resistance degree. BTC dipped under $64,000 and would possibly lengthen losses within the quick time period.
- Bitcoin began a recent draw back correction from the $66,000 resistance zone.
- The worth is buying and selling under $64,500 and the 100 hourly Simple transferring common.
- There was a break under a key bullish pattern line with assist at $64,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair would possibly achieve bearish momentum if it dives under the $62,500 assist zone.
Bitcoin Price Dips Again, Can Bulls Defend More Losses?
Bitcoin worth failed to increase positive aspects above the $65,500 and $66,000 resistance levels. BTC began a draw back correction and traded under the $65,000 degree.
There was a break under a key bullish pattern line with assist at $64,500 on the hourly chart of the BTC/USD pair. The bears pushed the worth under the $64,000 degree. A low is shaped at $63,225 and the worth is consolidating losses.
It is testing the 23.6% Fib retracement degree of current decline from the $66,026 swing excessive to the $63,225 low. Bitcoin worth is now buying and selling under $64,500 and the 100 hourly Simple moving average. If there’s a recent improve, the worth might face resistance close to the $64,000 degree.
The first key resistance is close to the $64,650 degree. It is close to the 50% Fib retracement degree of current decline from the $66,026 swing excessive to the $63,225 low. A transparent transfer above the $64,650 resistance would possibly spark one other improve within the coming periods.
The subsequent key resistance may very well be $65,500. The subsequent main hurdle sits at $66,000. A detailed above the $66,000 resistance would possibly push the worth additional greater. In the acknowledged case, the worth might rise and take a look at the $67,200 resistance.
More Downsides In BTC?
If Bitcoin fails to climb above the $64,650 resistance zone, it might proceed to maneuver down. Immediate assist on the draw back is close to the $63,250 degree.
The first main assist is $63,000. The subsequent assist is now close to $62,500. Any extra losses would possibly 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 under the 50 degree.
Major Support Levels – $63,225, adopted by $63,000.
Major Resistance Levels – $64,650, and $65,500.
