Bitcoin Price Still At Risk of Major Downside Break Below $60K
19 Aprile 2024 - 5:12AM
NEWSBTC
Bitcoin price is showing bearish signs below the $63,000 resistance
zone. BTC must stay above the $60,000 support zone to avoid a major
decline. Bitcoin is still struggling to start a recovery wave above
the $63,000 resistance zone. The price is trading below $62,800 and
the 100 hourly Simple moving average. There was a break below a
connecting bullish trend line with support at $62,400 on the hourly
chart of the BTC/USD pair (data feed from Kraken). The pair could
gain bearish momentum if it settles below the $60,000 support zone.
Bitcoin Price Struggle Continues Bitcoin price started another
increase above the $61,500 resistance zone. BTC cleared the $62,500
and $63,000 resistance levels. It even spiked above $64,000 but
failed to surpass the key level at $65,000. A high was formed at
$64,142 before there was a sharp decline. There was a break below a
connecting bullish trend line with support at $62,400 on the hourly
chart of the BTC/USD pair. It dived below the $60,800 level and
retested $59,650. A low was formed near $59,666 and the price is
now attempting a fresh recovery wave. The price climbed above the
23.6% Fib retracement level of the recent decline from the $64,142
swing high to the $59,666 low. Bitcoin price is trading below
$62,800 and the 100 hourly Simple moving average. Immediate
resistance is near the $62,000 level. It is close to the 50% Fib
retracement level of the recent decline from the $64,142 swing high
to the $59,666 low. The first major resistance could be $63,000.
The next resistance now sits at $64,200. If there is a clear move
above the $64,200 resistance zone, the price could continue to move
up. In the stated case, the price could rise toward $65,000.
Source: BTCUSD on TradingView.com The next major resistance is near
the $66,500 zone. Any more gains might send Bitcoin toward the
$67,500 resistance zone in the near term. More Losses In BTC? If
Bitcoin fails to rise above the $62,000 resistance zone, it could
start another decline. Immediate support on the downside is near
the $60,800 level. The first major support is $60,000. If there is
a close below $60,000, the price could start to drop toward the
$59,550 level. Any more losses might send the price toward the
$58,500 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 – $60,800, followed by $60,000. Major
Resistance Levels – $62,000, $63,000, and $64,200.
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