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.
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.
