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Bitcoin has begun a further decline beneath the $83,500 level. BTC may now struggle to climb above $83,850.
- Bitcoin began a new decline beneath the $83,200 zone of support.
- It is currently trading at a price below the Simple 100-hour moving average of $83,000.
- The hourly chart for the BTC/USD pairs shows a connective bullish trendline with support located at $82,550. (Data feed by Kraken).
- If the pair stays below $83,850, it could begin another downward trend.
Bitcoin Price Faces Resistance
Bitcoin’s price has not started a new recovery and is still below the $85,500 level. BTC entered another downward trend and moved below $83,500. Bears strengthened their position to move the price below $82,500.
Price even dropped below $82,000. Before the recovery, a low at $81,320 was established. A move was made above $82,500, however the bears were very active around $83,850. Price is consolidating now and a decline below 50% Fib of the move upward from the swing low at $81,320 to the high at $83,870 has occurred.
Bitcoin is currently trading at a price below $83,250. 100 hourly Simple moving average. A bullish line is also visible on the BTC/USD hourly chart. It connects to the support level of $82,550. A resistance level near $83,250 is the immediate upwards barrier. Near the $83,850 mark, we find our first major resistance.
Next key resistance might be $84,200. If the price closes over the $84,200 level, it could send the market higher. The price may rise in the case stated and reach the resistance of $84,800. If the price continues to rise, it could reach the $85,000 or $85,500 level.
BTC to decline again?
Bitcoin could begin a new decline if it fails to break through the resistance level of $83,850. On the downside, immediate support is located near the $82,550 mark. First, the support level is around $82,250. This level also represents the 61.8% Fib of the move upwards from the $81,320 low swing to the $83,870 peak.
Near the current support level of $81,250, we can expect to see a price drop towards this next support. If the market continues to fall, it could soon reach the $80,000 level. The support level is currently $78,500.
Indicators of 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 below the 50 level.
Major Support Levels – $82,250, followed by $81,250.
Major Resistance Levels – $83,250 and $83,850.
“This article is not financial advice.”
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Source: www.newsbtc.com
