Bitcoin continued to fall and fell below the support level of $68,800. BTC has now consolidated and is facing obstacles near the $70,000 zone of resistance.
- Bitcoin continued to decline, falling below the support level of $68,800.
- Price is below the Simple Moving Average of 100 hours and $69,000.
- On the hourly BTC/USD chart, there is a major bearish trendline with 69.200 as a resistance (data from Kraken).
- If the bulls do not push it above $70,00, then this pair may continue moving.
Bitcoin Price Breaks Support
Below the Bitcoin price, a correction to the downside began. $70,000 support zone. BTC Bears managed to drive the price of BTC below $68,800, a major support. The price dropped to $66,250.
The price has now reached a low of $66,250. The price increased slightly above $67250. The price rose above the level of 23.6% Fib Retracement for the downmove from the 70,500 swing low to the 66,250 low.
The bears have been active around the 68,350 Fib level, which is the level where the 50 percent Fib retracement of the decline from the swing high at $70,500 to the low at $66,250 occurs. Bitcoin’s price has fallen below $69,900 and is trading under the 50% Fib retracement level. 100 hourly Simple moving average.
The price could face resistance at the level of $68,350 if there’s a new increase. The $68,800 level could prove to be the first significant resistance. On the hourly BTC/USD chart, there is also an important bearish trendline forming at resistance of $69200.
A clear move above the $70,000 resistance might send the price higher. Price could rise if the resistance of $70,000 is clearly broken. Price could test $70,500 as resistance in this case.
The bulls could push BTC’s price even higher. This would lead the market to the $71,200 zone. BTC could reach the $71,800 barrier if it gains any more.
BTC Losses Increased?
Bitcoin may continue its downward trend if it cannot break above the $69800 resistance zone. Near the $67.250 level, there is an immediate support for the downside.
First major support at $66,800. Next support will be near $66,250. If the market continues to fall, it could soon reach the support level of $65,000.
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 – $67,250, followed by $66,250.
Major Resistance Levels – $68,350, $68,800, and $70,000.
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Source: www.newsbtc.com
