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Bitcoin Retreats Lower, Why There Is Risk of Sharp Decline

Bitcoin worth traded to a brand new all-time excessive above $66,800 earlier than correcting decrease in opposition to the US Dollar. BTC traded under $63,000 and it stays at a danger of extra downsides.

  • Bitcoin rallied above the $65,000 and $66,000 resistance ranges earlier than correcting decrease.
  • The worth is now buying and selling under $63,000 and the 100 hourly easy transferring common.
  • There was a break under a significant bullish development line with assist close to $63,200 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may speed up decrease if it stays under the $64,000 pivot stage.

Bitcoin Price Corrects Lower

Bitcoin worth prolonged its improve above the $65,000 resistance zone. BTC even broke $66,000 and traded to a brand new all-time excessive close to $66,982.

Recently, there was a draw back correction under the $65,000 assist stage. There was additionally a break under a significant bullish development line with assist close to $63,200 on the hourly chart of the BTC/USD pair. The pair is now buying and selling under $63,000 and the 100 hourly easy transferring common.

A low is fashioned close to $62,050 and it is now consolidating losses. An rapid resistance is close to the $63,200 stage. It is close to the 23.6% Fib retracement stage of the downward transfer from the $66,982 swing excessive to $62,050 low.

The 100 hourly SMA is additionally positioned simply above the $63,200 stage. A transparent break above the $63,200 resistance may open the doorways for a contemporary improve. The subsequent main resistance sits close to the $64,500 stage, above which the worth would possibly rise in the direction of the $66,000 stage.

Bitcoin Price

Source: BTCUSD on TradingView.com

The $64,500 resistance is shut to the 50% Fib retracement stage of the downward transfer from the $66,982 swing excessive to $62,050 low. Any extra positive factors might probably name for a brand new all-time excessive above the $67,000 stage within the close to time period.

More Losses In BTC?

If bitcoin fails to clear the $63,200 resistance zone, it may lengthen its draw back correction. An rapid assist on the draw back is close to the $62,200 stage.

The first main assist is now forming close to the $62,000 stage. A break under the $62,000 assist might probably push the worth in the direction of the $60,000 assist zone.

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 stage.

Major Support Levels – $62,200, adopted by $62,000.

Major Resistance Levels – $63,200, $64,500 and $66,000.

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