Bitcoin’s price has risen above $66,000. BTC has corrected its gains to below $65,500, and could continue moving down towards $64,000.
- Bitcoin has corrected gains made in the $66,500 area.
- This price has fallen below the simple moving average of 100 hours (65,250) and is currently trading at a lower level.
- On the hourly chart for the BTC/USD, there was a breakdown below the short-term trendline with support at $65750 (data from Kraken).
- If the pair stays above $64,000, it could begin another rise.
Bitcoin Price Starts Downside Correction
Bitcoin Price remained supported BTC is now approaching the $63,250 mark. BTC has continued to rise above the resistance level of $65,500. Even the $66,000 mark was cleared.
The price has corrected gains after a high of $66,452. A decline was seen below $66,000. Price fell below the Fib level that represents the 23.6% retracement of the move upward from the swing low at $62,672 to the high of $66,452.
The hourly chart for the BTC/USD has broken below the short-term trendline with support at $65750. Bitcoin has fallen below the $65,500 mark and is currently trading at around $55,750. 100 hourly Simple moving average.
Now, the bulls try to hold onto $64,500. Price could be facing resistance around the $65,250 area if there was a recent increase. Near the $65,500 mark, there is a first major resistance. The price could move higher if the resistance level of $65,500 is broken.
A close above the $66,500 resistance might spark more upsides. If the price closes above $66,500, it could spark further upsides. The price may rise to test the $68,000 level.
BTC Losses Increased?
Bitcoin could move lower if it fails to break through the $65,500 zone of resistance. The $64,200 support level is the immediate downside resistance. This level also represents the 61.8% Fib level for the move up from the swing low of $62,672 to the high of $66,452.
First major support nears $64,000. Next support now lies near $63,500. In the short term, any further losses could send the price towards the $62,650 resistance.
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 – $64,200, followed by $64,000.
Major Resistance Levels – $65,250, and $65,500.
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Source: www.newsbtc.com
