Trust is a good thing
A strict editorial policy which focuses on accuracy and relevance.
Expertly crafted by experts in the industry and thoroughly reviewed
Reporting and Publishing at the highest level
Editorial policy focusing on accuracy, relevance and impartiality
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Bitcoin has begun a new decline under the $83,500 area. BTC has been consolidating its losses, and may start another fall below $80,000.
- Bitcoin began a new decline under the $82,000 area.
- Price is below the Simple Moving Average of 100 hours and $81,200.
- On the hourly chart for the BTC/USD, there was a breakdown below the connecting bullish line that had support at $83,000 (data from Kraken).
- Once the 80,500 dollar zone is cleared, you could see another rise.
Bitcoin price drops below support
Bitcoin failed to reach the level of $83,500, and began a downward trend. fresh decline. BTC trades below $83,000 and $82,000 to enter the bearish zone.
The BTC/USD hourly chart showed a breaking below an ascending bullish trend line that had support at $83,000. Even the support area of $80,000 was breached by this pair. The price began to recover after a low of $77,057 was reached.
The price moved above the $78,800 mark. Price climbed over the Fib level 23.6% retracement of recent drop from $83,680 swing low to $77,057. Price is still struggling to rise.
Bitcoin’s price has fallen below $81,500. 100 hourly Simple moving average. The immediate resistance on the upside is around the $80,000 mark. First, the first major resistance level is around the $80.500 mark or 50% Fib of the recent drop from $83,680 high swing to $77.057 low.
A close above the $81,500 resistance may send the price further higher. The price could rise if it closes above $81,500. Price could test $82,500 level in this case. Any further gains could send the price towards the $83,500 levels.
BTC: Another drop in the BTC price?
Bitcoin could begin a new decline if it fails to break through the resistance level of $80,500. The immediate support at the bottom is around the 77,500-level. First major support near $77,000.
Next support zone is near $76,500. If the market continues to fall, it could soon reach the $75,000 level. The primary support lies at $74,200.
The following are technical indicators.
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $77,500, followed by $77,000.
Major Resistance Levels – $80,000 and $80,500.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com
