Bitcoin price continued its decline below the $68,000 level. BTC is now slowly moving towards the $66,250 support area in the near term.
- Bitcoin extended its bearish correction below the $68,000 area.
- The price is trading below $68,500 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance at $67,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may continue moving lower unless it closes above $68,500.
Bitcoin price falls further
Bitcoin price extended its bearish correction below the $69,000 level. BTC bulls were able to push the price below the $68,000 support level. Finally, the price tested the $67,000 area.
The low was formed at $67,100 and the price is now consolidating losses. It has recovered above the $67,5000 level and the 23.6% Fib retracement level of the downward wave from the $70,600 high to the $67,100 low, with a downward angle.
Bitcoin is now trading below the $68,500 level and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $68,000 level. There is also a major bearish trend line forming with resistance at $67,900 on the hourly chart of the BTC/USD pair.
The first major resistance could be $68,800 or the 50% Fib retracement level of the downward wave from the high of $70,600 to the low of $67,100.
The next major resistance could be $69,250. A clear move above the $69,250 resistance level could send the price higher. In the mentioned case, the price may rise and test the $70,000 resistance level. Any further gains could send BTC towards the $72,600 resistance level.
More losses in BTC?
If Bitcoin fails to rise above the $68,000 resistance area, it may continue to move lower. Immediate support on the downside is near the $67,250 level.
The first major support is $67,000. The next support is now forming near $66,250. Any further losses could send the price towards the $65,000 support area in the near term.
Technical indicators:
Hourly MACD – The MACD indicator is now losing speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $67,100, followed by $66,250.
Major resistance levels – $68,000 and $68,800.
