Bitcoin worth struggled to get better above the $68,800 resistance. BTC is now shifting decrease and there’s a danger of extra downsides under the $65,000 help.
- Bitcoin worth is struggling to begin a contemporary improve above the $68,000 zone.
- The worth 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 $67,800 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might acquire bullish momentum if it clears the $68,000 resistance zone within the close to time period.
Bitcoin Price Faces Resistance
Bitcoin worth tried a fresh increase above the $65,500 zone. BTC climbed above the $67,200 and $68,000 ranges. However, the bears had been lively close to the $69,000 zone.
A excessive was fashioned at $68,898 and the worth is now shifting decrease. There was a transfer under the $67,500 help zone. The worth declined under the 50% Fib retracement stage of the restoration wave from the $64,555 swing low to the $68,898 excessive.
Bitcoin is now buying and selling under $68,000 and the 100 hourly Simple moving average. It is testing the 76.4% Fib retracement stage of the restoration wave from the $64,555 swing low to the $68,898 excessive.
There can be a connecting bearish development line forming with resistance at $67,800 on the hourly chart of the BTC/USD pair. Immediate resistance is close to the $66,750 stage. The subsequent key resistance might be $67,800 or the development line, above which the worth might rise towards the $68,800 resistance zone.
Source: BTCUSD on TradingView.com
If there’s a clear transfer above the $68,800 resistance zone, the worth might even try a transfer above the $70,000 resistance zone. Any extra good points may ship the worth towards the $71,200 stage.
More Losses In BTC?
If Bitcoin fails to rise above the $67,800 resistance zone, it might begin one other decline. Immediate help on the draw back is close to the $65,550 stage.
The first main help is $65,000. The predominant help sits at $64,500. If there’s a shut under $64,500, the worth might begin a drop towards the $63,500 stage. Any extra losses may ship the worth towards the $62,000 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 – $65,500, adopted by $65,000.
Major Resistance Levels – $67,800, $68,800, and $70,000.
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