Bitcoin worth began a robust improve above $68,500. BTC even examined $70,000, however post-fed there was a significant bearish response.
- Bitcoin began one other decline from the $70,000 resistance zone.
- The worth is buying and selling under $68,550 and the 100 hourly Simple transferring common.
- There is a connecting bullish development line forming with help at $67,500 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may recuperate however the upsides is perhaps restricted above the $68,550 degree.
Bitcoin Price Dips Again
Bitcoin worth began a steady increase above the $68,500 resistance zone. BTC even cleared the $69,200 resistance zone. However, after the Fed saved the charges at 5.5%, there was a robust bearish response.
The worth dipped under the $68,800 and $68,500 ranges. The worth examined the $67,200 zone. A low was shaped at $67,148 and the worth is now consolidating losses close to the 23.6% Fib retracement degree of the downward transfer from the $69,969 swing excessive to the $67,148 low.
Bitcoin is now buying and selling under $68,800 and the 100 hourly Simple moving average. There can be a connecting bullish development line forming with help at $67,500 on the hourly chart of the BTC/USD pair. On the upside, the worth is going through resistance close to the $68,250 degree. The first main resistance might be $68,550 and the 50% Fib retracement degree of the downward transfer from the $69,969 swing excessive to the $67,148 low.
The subsequent key resistance might be $69,200. A transparent transfer above the $69,200 resistance may ship the worth larger. In the acknowledged case, the worth may rise and take a look at the $70,000 resistance. Any extra features may ship BTC towards the $71,200 resistance within the close to time period.
More Losses In BTC?
If Bitcoin fails to climb above the $68,550 resistance zone, it may begin one other decline. Immediate help on the draw back is close to the $67,200 degree.
The first main help is $67,000. The subsequent help is now forming close to $66,000. Any extra losses may ship the worth towards the $65,500 help zone 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 – $67,000, adopted by $66,000.
Major Resistance Levels – $68,550, and $69,200.
