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Bitcoin has begun a new decline under the $78,000 area. BTC has now consolidated its losses, and could face resistance around the $78,800 area.
- Bitcoin began a new decline under the $78,000 area.
- It is currently trading at a price below $78500, and it’s moving lower than the 100-hour Simple moving average.
- On the hourly BTC/USD chart, there is a bearish line connecting with resistance of $79500 (data from Kraken).
- If the pair clears $78,500, they could begin another growth.
Bitcoin Prices Drop Again
The Bitcoin price has started to rise. fresh decline Below the levels of $80,000 and $78,500. BTC trades below levels of $78,500 & $77,000 to enter the bearish zone.
Price even dropped below $75,000. At $74,475 a low formed and the price began a wave of recovery. The price moved above $75,500. Price climbed over the Fib level 23.6% retracement of recent drop from $80,800 swing low to $74,475 bottom.
Bitcoin is currently trading at a price below $78,200. 100 hourly Simple moving average. The immediate resistance on the upside is around the 77,800-level or 50% Fib level of recent drop from $80,800 swing low to $74,475 high.
First key resistance near $78,500. Next, $79 500 could become a key resistance. A bearish line is also developing with resistance of $79,500 at the hourly BTC/USD.
Price could rise if the resistance level of $79500 is breached. The price may rise to test the resistance of $81,500 in the case stated. If the price continues to rise, it could reach the $82,000 mark.
BTC: Another drop in the BTC price?
Bitcoin could begin a new decline if it fails to break through the resistance level of $78,500. The immediate support for the downside lies near the level of $75,750. First major support near $74,750.
Next support zone is near $73,500. If the market continues to fall, it could soon reach the support of $72,00. The major support lies at $72,000.
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 – $75,750, followed by $74,750.
Major Resistance Levels – $78,500 and $79,500.
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Source: www.newsbtc.com
