Bitcoin worth corrected good points and examined the $61,850 zone. BTC is consolidating and may goal for a recent enhance above the $62,500 resistance.
- Bitcoin is holding good points above the $61,850 zone.
- The worth is buying and selling under $62,500 and the 100 hourly Simple transferring common.
- There is a connecting bearish development line forming with resistance at $61,450 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may begin one other enhance until there may be a shut under the $61,700 zone.
Bitcoin Price Eyes Another Increase
Bitcoin worth didn’t settle above $65,000 and began a recent decline. BTC traded under the $64,000 and $63,500 ranges. It even broke the $62,500 help.
A low was shaped at $61,825 and the worth is now consolidating losses. There was a minor enhance above the $62,250 degree. The worth examined the 23.6% Fib retracement degree of the latest decline from the $64,419 swing excessive to the $61,825 low.
Bitcoin worth is now buying and selling under $62,500 and the 100 hourly Simple moving average. On the upside, the worth may face resistance close to the $62,500 degree. There can be a connecting bearish development line forming with resistance at $61,450 on the hourly chart of the BTC/USD pair.
The first key resistance is close to the $63,150 degree or the 50% Fib retracement degree of the latest decline from the $64,419 swing excessive to the $61,825 low. A transparent transfer above the $63,150 resistance may ship the worth larger. The subsequent key resistance may very well be $64,200.
A detailed above the $64,200 resistance may provoke extra good points. In the acknowledged case, the worth may rise and take a look at the $65,000 resistance degree. Any extra good points may ship the worth towards the $65,500 resistance degree.
More Losses In BTC?
If Bitcoin fails to rise above the $62,500 resistance zone, it may begin one other decline. Immediate help on the draw back is close to the $62,000 degree.
The first main help is close to the $61,850 degree. The subsequent help is now close to the $61,200 zone. Any extra losses may ship the worth towards the $60,000 help 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 – $62,000, adopted by $61,850.
Major Resistance Levels – $62,500, and $63,150.
