Bitcoin started to correct downwards from $82,000. BTC may be consolidating or aim for an increase in price if $82,000 is cleared.
- Bitcoin is still below the $81,500 mark and has extended its losses.
- The current price of the stock is higher than $80,500.
- On the hourly BTC/USD chart, there is an important contracting triangle with support around $80.800 (data from Kraken).
- It is possible that the pair will continue to lose money if they stay below the levels of $81,800 and 82,000.
Bitcoin price drops again
Bitcoin Price Failed to Clear $82,000 resistance zone. BTC began a downward correction beneath the levels of $81,500 & $81,200 to enter a bearish short-term zone.
A move was made below the Fib 50% retracement of the move upward from the swing low $80,421 to the high $82,100. Bulls however were very active over $80,500. A key triangle with support near $80,800 is also visible on the BTC/USD hourly chart.
Bitcoin has now reached a price of $80,500. 100 hourly simple moving average. It could try a new increase if the price stays stable over $80,500. The immediate resistance level is around $81,500.
Near the $81,800 mark, we have our first major resistance. If the price closes above the $81,800 level, it could send the market higher. Price could test $82,250 and rise in this case. If the price continues to rise, it could reach the $82,500 mark. Bulls may face a new barrier at $83,500.
What is the downside of BTC extension?
Bitcoin may start a decline if the resistance level of $81,800 is not overcome. Support is located near $80 800 or the level where the 76.4% fib retracement from the ascending move between the swing low of $80 421 and the high of $82,100 was.
The next major support now lies near $79,400. Next support now lies near $79,400. In the short term, any further losses could send the price towards the $79,000 level. BTC could struggle to recover if it falls below $78,500.
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 – $80,800, followed by $80,400.
Major Resistance Levels – $81,800 and $82,000.
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Source: www.newsbtc.com
