Bitcoin
Bitcoin Price May Try to Regain Lost Ground, But Faces Many Obstacles
Bitcoin price is consolidating above the $64,000 level. BTC could try to follow Ethereum and recover if it manages to break above the $65,650 resistance zone.
- Bitcoin started a small wave of recovery above the $65,000 level.
- The price is trading below $65,500 and the 100 hourly simple moving average.
- There is a short-term contracting triangle forming with resistance at $65,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could begin a recovery wave if it overcomes the $65,400 and $65,650 resistance levels.
Bitcoin Price Faces Resistance
Bitcoin price extended its losses and traded below the level $65,000 Level. BTC even tested the $64,000 zone. A low was formed at $64,050 and the price is now correcting losses.
There was a small recovery above the $64,500 level. The price rose above the 23.6% Fibonacci retracement level of the recent decline from the swing high of $67,255 to the low of $64,050. However, bears are still active near the $65,500 zone.
Bitcoin is now trading below $65,500 and the 100 hour simple moving average. There is also a short-term contracting triangle forming with resistance at $65,400 on the hourly chart of the BTC/USD pair.
On the upside, the price is facing resistance near the $65,400 level and the triangular trendline. The first major resistance could be $65,650 or the 50% Fib retracement level of the recent drop from the $67,255 high to $64,050 low. The next key resistance could be at $66,000.
A clear move above the $66,000 resistance could start a steady rise and push the price higher. In this case, the price could rise and test the $66,550 resistance. Any further gains could send BTC towards the $67,500 resistance in the near term.
Another decline in BTC?
If Bitcoin fails to rise above the $65,650 resistance zone, it could begin another decline. Immediate downside support is near the $64,850 level.
The first major support is at $64,400. The next support is now forming near $64,000. Further losses could send the price towards the $63,200 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $64,400, followed by $64,000.
Main resistance levels – $65,400 and $65,650.