Bitcoin value failed to remain above $68,000 and dipped sharply. BTC is now consolidating losses and would possibly wrestle to recuperate above $66,000.
Bitcoin began a recent decline and traded beneath the $66,500 assist.
The worth is buying and selling beneath $66,500 and the 100 hourly easy transferring common.
There was a break beneath a bullish pattern line with assist at $68,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
The pair would possibly dip once more if it trades beneath the $64,500 and $64,200 ranges.
Bitcoin Worth Dives Over 5%
Bitcoin value failed to stay steady above the $67,200 zone. BTC began a recent decline and traded beneath the $66,500 assist zone. There was a push beneath $66,000.
The worth even spiked beneath $65,000. There was additionally a break beneath a bullish pattern line with assist at $68,000 on the hourly chart of the BTC/USD pair. A low was shaped at $64,203, and the worth is now correcting some losses. There was a transfer above $64,500, however the value continues to be nicely beneath the 23.6% Fib retracement stage of the latest decline from the $68,653 swing excessive to the $64,203 low.
Bitcoin is now buying and selling beneath $66,500 and the 100 hourly easy transferring common. If the worth stays steady above $64,200, it might try a recent enhance. Fast resistance is close to the $65,250 stage.
The primary key resistance is close to the $66,400 stage or the 50% Fib retracement stage of the latest decline from the $68,653 swing excessive to the $64,203 low. A detailed above the $66,400 resistance would possibly ship the worth additional increased. Within the acknowledged case, the worth might rise and take a look at the $67,000 resistance. Any extra beneficial properties would possibly ship the worth towards the $67,600 stage. The following barrier for the bulls might be $68,000 and $68,500.
One other Decline In BTC?
If Bitcoin fails to rise above the $66,000 resistance zone, it might begin one other decline. Fast assist is close to the $64,400 stage. The primary main assist is close to the $64,200 stage.
The following assist is now close to the $63,500 zone. Any extra losses would possibly ship the worth towards the $62,850 assist within the close to time period. The principle assist now sits at $62,000, beneath which BTC would possibly wrestle to recuperate within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bearish zone.
Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now beneath the 50 stage.
Main Help Ranges – $64,500, adopted by $64,200.
Main Resistance Ranges – $66,000 and $66,500.
