The bitcoin price continues to consolidate above $60,000 as a support. BTC might aim to make a new increase, unless it closes below the $60,000.
- Bitcoin has consolidated above the support zone of $60,000
- Price is below the Simple Moving Average of 100 hours and $61,500.
- The hourly chart for the pair BTC/USD shows a bearish key trend line that has resistance at $61,550. (Data feed by Kraken).
- If the pair stays above $60,000, they could begin another rise.
Bitcoin price begins to consolidate
Bitcoin prices continued to decline after the initial drop. $62,350 resistance. BTC moved into the short-term negative zone after breaking through support levels at $62,000 & $61,500. Even the price dropped below $61,500.
At $60,000, a new low has been formed and now the price consolidates its losses. The price increased slightly above the level of $60,500. Price climbed over the Fib level 23.6% retracement of the decline from the swing high at $62,350 to the low at $60,000
Bitcoin now trades below $61,500 100 hourly Simple moving average. If the price increases again, it could encounter resistance around the level of $61,250. First, the key resistance lies near $61,500. The hourly BTC/USD price chart also shows a bearish key trend line that has resistance at $61,550.
The trend line lies close to the level where the 61.8% of Fib is retraced from the drop in price between the high swing at $62,350 and the low $60,000. Price could rise if it clears the $61,500 barrier. The key resistance level could be $62,500.
The price could rise further if it closes over the resistance level of $62,500. The price may rise to test the resistance of $63,200 in this case. If the price gains more, it could push the price towards the $65,000 level of resistance.
BTC Losses Increased?
Bitcoin may continue its downward trend if it does not rise above $61,500. Support on the downside near $60,500 is immediate.
First major support nears the $60,000. Next support now lies near $59,200. If the market continues to fall, it could push the price down towards $58,500 in the near future.
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 – $60,500, followed by $60,000.
Major Resistance Levels – $61,500, and $62,500.
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Source: www.newsbtc.com
