Bitcoin worth traded to a brand new all-time excessive above $69,000 earlier than crashing. BTC is now consolidating close to $63,000 and may decline towards the $60,000 help.
- Bitcoin worth created historical past once more and traded to a brand new all-time above $69,000.
- The worth is buying and selling under $65,000 and the 100 hourly Simple transferring common.
- There was a break under a key bullish pattern line with help at $66,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may lengthen losses and revisit the important thing $60,000 help zone.
Bitcoin Price Takes Hit
Bitcoin worth prolonged its improve above the $68,000 resistance. BTC even broke the $68,800 stage and traded to a new all-time high at $69,218. However, there was a powerful bearish response from $69,200.
The worth crashed over 10% and dived towards the $60,000 zone. There was a break under a key bullish pattern line with help at $66,000 on the hourly chart of the BTC/USD pair. A low was shaped close to $59,150 and the value is now trying a restoration wave.
There was a transfer above the $62,000 resistance. It is now going through resistance close to the $64,000 zone and the 50% Fib retracement stage of the downward transfer from the $69,218 swing excessive to the $59,150 low.
Bitcoin is now buying and selling under $64,000 and the 100 hourly Simple moving average. Immediate resistance is close to the $64,000 stage. The subsequent key resistance might be $64,200, above which the value may rise towards the $65,500 resistance zone.
Source: BTCUSD on TradingView.com
If there’s a clear transfer above the $65,500 resistance zone or the 61.8% Fib retracement stage of the downward transfer from the $69,218 swing excessive to the $59,150 low, the value may rise towards the $67,000 stage. Any extra beneficial properties may ship the value towards the $70,000 stage.
More Losses In BTC?
If Bitcoin fails to rise above the $64,200 resistance zone, it may begin one other draw back correction. Immediate help on the draw back is close to the $62,000 stage.
The first main help is $61,500. If there’s a shut under $61,500, the value may begin an honest pullback towards the $60,000 zone. Any extra losses may ship the value towards the $58,500 help zone.
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 stage.
Major Support Levels – $62,000, adopted by $60,000.
Major Resistance Levels – $64,200, $65,500, and $67,000.
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