Bitcoin cost traded to a brand-new all-time high above $66,800 prior to remedying lower versus the United States Dollar. BTC traded below $63,000 and it remains at a risk of more downsides.
- Bitcoin rallied above the $65,000 and $66,000 resistance levels prior to remedying lower.
- The price is now trading below $63,000 and the 100 hourly simple moving average.
- There was a break listed below a significant bullish pattern line with assistance near $63,200 on the per hour chart of the BTC/USD set (information feed from Kraken).
- The pair could accelerate lower if it remains below the $64,000 pivot level.
Bitcoin Price Corrects Lower
Bitcoin cost extended its boost above the $65,000 resistance zone. BTC even broke $66,000 and traded to a new all-time high near $66,982.
Recently, there was a disadvantage correction listed below the $65,000 assistance level. There was also a break below a major bullish trend line with support near $63,200 on the hourly chart of the BTC/USD pair. The set is now trading listed below $63,000 and the 100 per hour easy moving average.
A low is formed near $62,050 and it is now consolidating losses. An instant resistance is near the $63,200 level. It is near the 23.6% Fib retracement level of the downward move from the $66,982 swing high to $62,050 low.
The 100 per hour SMA is likewise placed simply above the $63,200 level. A clear break above the $63,200 resistance could open the doors for a fresh increase. The next significant resistance sits near the $64,500 level, above which the cost may increase towards the $66,000 level.
The $64,500 resistance is close to the 50% Fib retracement level of the downward move from the $66,982 swing high to $62,050 low. Any more gains might potentially require a brand-new all-time high above the $67,000 level in the near term.
More Losses In BTC?
If bitcoin fails to clear the $63,200 resistance zone, it could extend its downside correction. An instant assistance on the drawback is near the $62,200 level.
The first major support is now forming near the $62,000 level. A break listed below the $62,000 assistance might potentially press the cost towards the $60,000 assistance zone.
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 listed below the 50 level.
Major Support Levels – $62,200, followed by $62,000.
Major Resistance Levels – $63,200, $64,500 and $66,000.
