Bitcoin value began one other decline beneath the $66,500 degree. BTC is gaining bearish momentum and would possibly revisit the $63,200 help.
- Bitcoin began a contemporary decline from the $68,500 resistance zone.
- The value is buying and selling beneath $65,500 and the 100 hourly Simple shifting common.
- There was a break beneath a key bullish development line with help at $66,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair would possibly prolong losses and commerce towards the $63,200 help zone.
Bitcoin Price Gains Bearish Momentum
Bitcoin value failed to carry good points above the $66,500 support level. BTC began one other decline and traded beneath the $66,000 help zone. There was a transfer beneath the 50% Fib retracement degree of the upward transfer from the $63,225 swing low to the $68,313 excessive.
Besides, there was a break beneath a key bullish development line with help at $66,000 on the hourly chart of the BTC/USD pair. The pair is now accelerating decrease beneath the $65,000 degree.
Bitcoin value is now buying and selling beneath $66,000 and the 100 hourly Simple moving average. It can also be beneath the 76.4% Fib retracement degree of the upward transfer from the $63,225 swing low to the $68,313 excessive. If there’s a restoration wave, the value might face resistance close to the $65,200 degree.
The first key resistance is close to the $65,500 degree. A transparent transfer above the $65,500 resistance would possibly spark one other enhance within the coming classes. The subsequent key resistance could possibly be $66,200. The subsequent main hurdle sits at $66,800 and the 100 hourly Simple shifting common. An in depth above the $66,800 resistance would possibly push the value additional greater. In the acknowledged case, the value might rise and take a look at the $68,000 resistance.
More Losses In BTC?
If Bitcoin fails to recuperate above the $65,500 resistance zone, it might proceed to maneuver down. Immediate help on the draw back is close to the $64,000 degree.
The first main help is $63,200. The subsequent help is now close to $62,500. Any extra losses would possibly ship the value towards the $61,500 help 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 beneath the 50 degree.
Major Support Levels – $64,000, adopted by $63,200.
Major Resistance Levels – $65,500, and $66,800.
