Bitcoin Price Hints at Downside: Preparing for Potential Declines
18 Julho 2024 - 11:49PM
NEWSBTC
Bitcoin price corrected gained from the $66,000 resistance level.
BTC dipped below $64,000 and might extend losses in the short term.
Bitcoin started a fresh downside correction from the $66,000
resistance zone. The price is trading below $64,500 and the 100
hourly Simple moving average. There was a break below a key bullish
trend line with support at $64,500 on the hourly chart of the
BTC/USD pair (data feed from Kraken). The pair might gain bearish
momentum if it dives below the $62,500 support zone. Bitcoin Price
Dips Again, Can Bulls Defend More Losses? Bitcoin price failed to
extend gains above the $65,500 and $66,000 resistance levels. BTC
started a downside correction and traded below the $65,000 level.
There was a break below a key bullish trend line with support at
$64,500 on the hourly chart of the BTC/USD pair. The bears pushed
the price below the $64,000 level. A low is formed at $63,225 and
the price is consolidating losses. It is testing the 23.6% Fib
retracement level of recent decline from the $66,026 swing high to
the $63,225 low. Bitcoin price is now trading below $64,500 and the
100 hourly Simple moving average. If there is a fresh increase, the
price could face resistance near the $64,000 level. The first key
resistance is near the $64,650 level. It is near the 50% Fib
retracement level of recent decline from the $66,026 swing high to
the $63,225 low. A clear move above the $64,650 resistance might
spark another increase in the coming sessions. The next key
resistance could be $65,500. The next major hurdle sits at $66,000.
A close above the $66,000 resistance might push the price further
higher. In the stated case, the price could rise and test the
$67,200 resistance. More Downsides In BTC? If Bitcoin fails to
climb above the $64,650 resistance zone, it could continue to move
down. Immediate support on the downside is near the $63,250 level.
The first major support is $63,000. The next support is now near
$62,500. Any more losses might send the price toward the $60,500
support zone in the near term. 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 – $63,225, followed by $63,000. Major
Resistance Levels – $64,650, and $65,500.
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