Bitcoin Price Dips Again, Is This A Fresh Bearish Signal?
08 Mai 2024 - 5:24AM
NEWSBTC
Bitcoin price failed to clear the $65,500 resistance. BTC is now
moving lower and there are a few bearish signs emerging below the
$63,500 level. Bitcoin started a fresh downside correction and
traded below $63,500. The price is trading below $63,350 and the
100 hourly Simple moving average. There was a break below a major
bullish trend line with support at $63,700 on the hourly chart of
the BTC/USD pair (data feed from Kraken). The pair could extend
losses and revisit the $60,000 support zone in the near term.
Bitcoin Price Rejects $65,500 Bitcoin price extended its increase
above the $64,500 level. However, BTC struggled to clear the
$65,500 resistance zone. A high was formed at $65,550 and the price
is now correcting gains. There was a move below the $64,000 level.
The price declined below the 23.6% Fib retracement level of the
upward wave from the $56,380 swing low to the $65,550 high.
Besides, there was a break below a major bullish trend line with
support at $63,700 on the hourly chart of the BTC/USD pair. Bitcoin
is now trading below $63,500 and the 100 hourly Simple moving
average. Immediate resistance is near the $63,350 level. The first
major resistance could be $64,000. The next key resistance could be
$65,000. Source: BTCUSD on TradingView.com The main hurdle is now
at $65,500. A clear move above the $65,500 resistance might send
the price higher. The next resistance now sits at $66,650. If there
is a close above the $66,650 resistance zone, the price could
continue to move up. In the stated case, the price could rise
toward $68,000. More Losses In BTC? If Bitcoin fails to climb above
the $63,500 resistance zone, it could continue to move down.
Immediate support on the downside is near the $62,000 level. The
first major support is $61,000 or the 50% Fib retracement level of
the upward wave from the $56,380 swing low to the $65,550 high. If
there is a close below $61,000, the price could start to drop
toward $60,000. Any more losses might send the price toward the
$58,000 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 – $62,000, followed by $60,000. Major
Resistance Levels – $63,500, $64,000, and $65,500.
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