Bitcoin
Bitcoin price remains at risk despite recent moves, indicators turn bearish
Bitcoin price extended its losses and traded below the $64,500 level. BTC is correcting losses, but bears are still in control and targeting more losses.
- Bitcoin remained in a bearish zone and traded below $64,500.
- The price is trading below $65,500 and the 100 hourly simple moving average.
- There is a connecting trendline forming with resistance at $65,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair remains at risk of further declines below the $64,000 support zone.
Bitcoin price drops further
Bitcoin price remained in a bearish zone after settling below $66,500 resistance zone. BTC extended losses and traded below the $65,000 level. There was also a drop below $64,500.
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 descending wave from $67,255 high to $64,050 low.
Bitcoin is now trading below $65,500 and the 100 hour simple moving average. There is also a connecting trendline forming with resistance at $65,400 on the hourly chart of the BTC/USD pair.
On the upside, the price faces resistance near the $65,500 level and the trendline. The first major resistance could be $65,650 or the 50% Fibonacci retracement level of the descending wave from the $67,255 swing 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 decent rise and push the price higher. In this case, the price could rise and test the $66,500 resistance. Any further gains could send BTC towards the $67,500 resistance in the near term.
More losses in BTC?
If Bitcoin fails to rise above the $65,400 resistance zone, it could begin another decline. Immediate downside support is near the $64,800 level.
The first major support is at $64,200. 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 close to the 50 level.
Key support levels – $64,500, followed by $64,000.
Main resistance levels – $65,400 and $66,000.