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Bitcoin’s price has started to decline again from $90,000. BTC is now below $82,500. It could move further down to below $78,000.
- Bitcoin has started to decline again below $82,000.
- It is currently trading at a price below $80,00 and the Simple moving average of 100 hours.
- The hourly chart for the BTC/USD pairs shows a bearish key trend line with resistance of $82,200. (Data feed from Kraken).
- It is possible that the pair will start a downward trend if they fail to overcome $82,000.
Bitcoin Price Faces Obstacles
Bitcoin prices started a new decline beneath the $85,000 level. BTC was trading below support levels of $83,000 and $80,000. The price finally tested the $76,500 zone of support.
The price has recently entered a phase of consolidation after forming a low at $76,818. The price moved above $78,000 and the $78,500 levels of resistance. The bulls moved the price up to the level where the Fib was 23.6% of the move downward from the high swing point at $91,060 down to the low for $76,818.
Bitcoin’s price has fallen below $80,000. 100 hourly Simple moving average. The immediate resistance on the upside is located near the $82,200 mark. First key resistance near $82,000.
A key trend line with resistance of $82,200 is also developing on the BTC/USD hourly chart. Next, the key resistance might be at $84,000. This is close to the Fib 50% retracement of the decline from the swing high at $91,060 down to the low $76,818.
If the price closes above $84,000, it could send it higher. Price could test and rise above the $85,500 level in the case stated. Any further gains could send the price towards the $88,000 or $96,200 levels.
One more drop in BTC?
Bitcoin could begin a new decline if it fails to break through the resistance level of $82,000. Near the $77200 mark, there is immediate support for the downside. First major support near $76,500.
Now, the next level of support lies near $75,000. If the market continues to fall, it could soon reach the support of $72,000. Main support is $70,000.
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 – $76,500, followed by $75,000.
Major Resistance Levels – $80,000 and $82,000.
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Source: www.newsbtc.com
