Bitcoin Price Weakness Persists, Traders Brace For | Crypto News
Bitcoin price began a contemporary decline below the $77,500 zone. BTC is consolidating and would possibly wrestle to keep above the $76,000 assist.
- Bitcoin failed to keep above $77,500 and prolonged losses.
- The price is trading below $77,000 and the 100 hourly simple shifting average.
- There is a bearish pattern line forming with resistance at $76,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair would possibly prolong losses if it stays below the $77,000 and $77,500 ranges.
Bitcoin Price Dips Again
Bitcoin price failed to keep above the $77,500 assist zone. BTC remained in a bearish zone and prolonged losses below the $77,000 stage. There was a transfer below the $76,500 stage.
The price even dipped below $76,200. A low was shaped at $76,020 and the price is now consolidating losses. It is exhibiting bearish indicators below the 23.6% Fib retracement stage of the downward transfer from the $82,018 swing high to the $76,020 low.
Bitcoin is now trading below $77,000 and the 100 hourly simple shifting average. If the price stays steady above $76,000, it may attempt a contemporary increase. Immediate resistance is close to the $77,000 stage. There is also a bearish pattern line forming with resistance at $76,850 on the hourly chart of the BTC/USD pair.
The first key resistance is close to the $78,300 stage. A close above the $78,300 resistance would possibly ship the price additional greater. In the said case, the price may rise and check the $79,000 resistance or the 50% Fib retracement stage of the downward transfer from the $82,018 swing high to the $76,020 low. Any more beneficial properties would possibly ship the price toward the $80,000 stage. The next barrier for the bulls could possibly be $81,200.
More Losses In BTC?
If Bitcoin fails to rise above the $78,300 resistance zone, it may start another decline. Immediate assist is close to the $76,200 stage.
The first major assist is close to the $76,000 stage. The next assist is now close to the $75,500 zone. Any more losses would possibly ship the price toward the $75,000 assist in the close to time period. The main assist now sits at $74,200, below which BTC would possibly wrestle to recuperate in the close to time period.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 stage.
Major Support Levels – $76,000, adopted by $75,000.
Major Resistance Levels – $77,000 and $78,300.
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