Bitcoin value prolonged losses and examined the $65,500 assist zone. BTC is now consolidating and would possibly intention for a contemporary improve if it clears $66,500.
- Bitcoin examined the $65,500 stage and is trying a restoration wave.
- The value 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 $66,400 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair would possibly begin a contemporary improve if it clears the $66,500 resistance zone.
Bitcoin Price Revisits Support
Bitcoin value prolonged losses under the $66,500 support zone. BTC even spiked under the $66,000 and $65,500 ranges. A low is fashioned close to $65,337 and the worth is now consolidating losses.
It recovered above the $66,000 stage and examined the 23.6% Fib retracement stage of the downward transfer from the $69,985 swing excessive to the $65,337 low. However, the worth is now struggling to clear the $66,500 resistance zone. There can also be a connecting bearish development line forming with resistance at $66,400 on the hourly chart of the BTC/USD pair.
Bitcoin value is buying and selling under $68,000 and the 100 hourly Simple moving average. On the upside, the worth may face resistance close to the $66,400 stage. The first key resistance is close to the $66,500 stage.
A transparent transfer above the $66,500 resistance would possibly ship the worth additional larger within the coming classes. The subsequent key resistance could possibly be $67,650 or the 50% Fib retracement stage of the downward transfer from the $69,985 swing excessive to the $65,337 low.
The subsequent main hurdle sits at $68,200. An in depth above the $68,200 resistance would possibly spark bullish strikes. In the acknowledged case, the worth may rise and check the $70,000 resistance.
Another Decline In BTC?
If Bitcoin fails to recuperate above the $66,500 resistance zone, it may begin one other decline. Immediate assist on the draw back is close to the $66,000 stage.
The first main assist is $65,350. The subsequent assist is now close to $65,000. Any extra losses would possibly ship the worth towards the $63,500 assist zone within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now dropping tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now under the 50 stage.
Major Support Levels – $66,000, adopted by $65,350.
Major Resistance Levels – $66,500, and $67,650.
