Bitcoin worth prolonged its losses and traded beneath the $65,000 degree. BTC is exhibiting bearish indicators and may prolong losses beneath the $64,600 degree.
- Bitcoin remained in a bearish zone and traded beneath $65,000.
- The worth is buying and selling beneath $66,000 and the 100 hourly Simple shifting common.
- There is a connecting development line forming with resistance at $67,500 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may proceed to maneuver down and even commerce beneath the $64,500 help zone.
Bitcoin Price Extends Its Decline
Bitcoin worth struggled to recuperate above the $66,500 resistance zone. BTC remained in a bearish zone and began a contemporary decline from the $67,256 excessive. There was a transfer beneath the $66,500 degree.
There was a transparent transfer beneath the $65,500 and $65,000 help ranges. Finally, the worth examined $64,600. A low was fashioned at $64,611 and the worth is now consolidating losses. There was a minor improve above the $65,000 degree. The worth climbed above the 23.6% Fib retracement degree of the downward transfer from the $67,256 swing excessive to the $64,611 low.
Bitcoin is now buying and selling beneath $66,000 and the 100 hourly Simple moving average. There can also be a connecting development line forming with resistance at $67,500 on the hourly chart of the BTC/USD pair.
On the upside, the worth is going through resistance close to the $66,000 degree or the 50% Fib retracement degree of the downward transfer from the $67,256 swing excessive to the $64,611 low. The first main resistance could possibly be $66,250. The subsequent key resistance could possibly be $66,500.
A transparent transfer above the $66,500 resistance may begin a good improve and ship the worth increased. In the said case, the worth may rise and check the $67,500 resistance. Any extra positive factors may ship BTC towards the $68,500 resistance within the close to time period.
More Losses In BTC?
If Bitcoin fails to climb above the $66,000 resistance zone, it may proceed to maneuver down. Immediate help on the draw back is close to the $65,000 degree.
The first main help is $64,600. The subsequent help is now forming close to $64,500. Any extra losses may ship the worth towards the $63,200 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 degree.
Major Support Levels – $65,000, adopted by $64,500.
Major Resistance Levels – $66,000, and $66,500.
