Bitcoin worth failed to remain above the $68,500 help zone. BTC prolonged losses and now exhibiting bearish indicators beneath the $68,800 stage.
- Bitcoin began one other decline from the $70,150 resistance zone.
- The worth is buying and selling beneath $68,800 and the 100 hourly Simple shifting common.
- There is a key bearish development line forming with resistance at $69,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may additional if there’s a clear transfer beneath the $68,000 stage.
Bitcoin Price Dips Again
Bitcoin worth tried one other improve above the $69,500 resistance zone. BTC even broke the $70,000 resistance zone however it failed to increase positive aspects. A excessive was fashioned at $70,142 earlier than there was a contemporary decline.
The worth declined beneath the $69,500 and $68,500 help ranges. A low was fashioned at $67,920 and the worth is now consolidating losses close to the 23.6% Fib retracement stage of the downward transfer from the $70,142 swing excessive to the $67,920 low.
Bitcoin is now buying and selling beneath $69,500 and the 100 hourly Simple moving average. On the upside, the worth is going through resistance close to the $68,800 stage. The first main resistance might be $69,000 and the 50% Fib retracement stage of the downward transfer from the $70,142 swing excessive to the $67,920 low.
The subsequent key resistance might be $69,500. There can be a key bearish development line forming with resistance at $69,500 on the hourly chart of the BTC/USD pair. A transparent transfer above the $69,500 resistance may ship the worth increased. In the said case, the worth may rise and check the $70,000 resistance. Any extra positive aspects may ship BTC towards the $71,200 resistance.
More Losses In BTC?
If Bitcoin fails to climb above the $69,500 resistance zone, it may begin one other decline. Immediate help on the draw back is close to the $68,000 stage.
The first main help is $67,650. The subsequent help is now forming close to $67,500. Any extra losses may ship the worth towards the $66,400 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 stage.
Major Support Levels – $68,000, adopted by $67,500.
Major Resistance Levels – $69,000, and $69,500.
