Bitcoin price started a downward correction from the 68,500 USD/USD area. Unless it drops below $64,000, BTC may start a new rise.
- Bitcoin started a downward correction below 68,000 USD and 67,000 USD.
- The price is still above $65,000 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD currency pair (data feed from Kraken), a key bullish trend line is formed, and the support level is around 66,000 USD.
- If the support level of $64,000 remains unchanged, the currency pair may start a new rise.
Bitcoin price corrected lower
Bitcoin price rose more than 65,000 USD support zone. BTC continues to rise above the resistance levels of 66,500 USD and 67,000 USD. The price even soared above US$68,000.
Before the downside correction, it traded to a new all-time high, close to $68,495. The price fell below the USD 68,000 and USD 67,800 support levels. There is a break below the 50% Fibonacci retracement level of the upward movement from the swing low of $65,200 to the high of $68,495.
However, the transaction price of Bitcoin is still higher than $65,000, and 100 hour simple moving averageOn the hourly chart of the BTC/USD currency pair, there is also a key bullish trend line formed, and the support level is near 66,000 USD.
On the bright side, the immediate resistance is near $67,500. The first major resistance is near $68,000. A clear break of the $68,000 resistance level may open the door for new gains. The next major resistance is near the $68,500 level. Any more gains could cause the price to rise to the $70,000 level.
Bitcoin support falls?
If Bitcoin fails to break the resistance zone of $68,000, it may continue its downward correction. The immediate downside support is near $66,500. The first major support level is now formed near $66,400.
It is close to the 61.8% Fibonacci retracement level that moved upward from the swing low of $65,200 to the high of $68,495. The next major support level is around $65,000. Below this level, the price may fall to the key break support level of $64,000 in the short term.
Hourly MACD – MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now slightly below the 50 level.
The main support level is 66,400 USD, followed by 66,000 USD.
The main resistance levels – 67,500 USD, 68,000 USD and 68,500 USD.