Bitcoin started to correct downwards from the $71,650 zone of resistance. BTC has now consolidated and may correct towards the support of $69,500.
- Bitcoin struggled to rise above $71,500, and began a correction on the downside.
- Price is above $70,00 and 100-hour Simple Moving Average.
- On the hourly chart for the BTC/USD, there was a breakdown below the key bullish line. The support is at $70,0050 (data from Kraken).
- This pair may fall further if it falls below $70,000.
Bitcoin price starts to correct
Bitcoin Price extended its increase Above the $70,000 mark. BTC cleared the $71,200 and $70,500 levels in order to enter a more positive area. Bears however were more active in the area around $71,650.
The price began a correction to the downside after forming a high at $71,682. Price fell below the Fib 23.6% retracement of the ascending wave between the swing low at $67,285 and the high at $71,682. The BTC/USD hourly chart also showed a breakout below a bullish trendline with support of $70,650.
Bitcoin has now traded above the $70,002 support level. Bitcoin now trades above $70,00. 100 hourly Simple moving average. Price is currently facing resistance around the $70,800 mark.
First, you might encounter a resistance of $71,200. First, you might have to pay $71,200. next Key resistance may be $71,650. Price could move higher if the resistance is clearly surpassed. The price may rise in the case stated and try to test the $72,000 barrier. BTC may continue to rise and test the $72,200 resistance.
BTC: What are the other downsides of BTC?
Bitcoin may continue its downward trend if it cannot break above $71,200. Support on the downside near $70,200 is the immediate level of support.
First, the support will be $70,000. The first major support is $70,000. next The support level is near the 50% Fib-retracement for the upswing from the $67.285 swing bottom to the $71,682 peak. If the market continues to fall, the price could move toward $68,500 in the short-term.
The following are technical indicators.
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $70,200, followed by $70,000.
Major Resistance Levels – $71,200, and $71,650.
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Source: www.newsbtc.com