Bitcoin Price Pulls Back: Can It Recover After Correcting Gains?
08 Ottobre 2024 - 4:39AM
NEWSBTC
Bitcoin price struggled to continue higher above the $64,400 level.
BTC is correcting gains and trading near the $62,500 support zone.
Bitcoin is holding gains above the $62,500 zone. The price is
trading above $62,500 and the 100 hourly Simple moving average.
There was a break below a connecting bullish trend line with
support at $63,000 on the hourly chart of the BTC/USD pair (data
feed from Kraken). The pair could start another increase unless
there is a close below the $61,650 zone. Bitcoin Price Corrects
Gains Bitcoin price extended its increase above the $63,500 zone.
BTC even cleared the $64,200 resistance zone. However, the bears
were active below $64,500. It traded as high as $64,419 and the
price is now correcting gains. There was a move below the $64,000
and $63,500 levels. The price dipped below the 50% Fib retracement
level of the upward move from the $61,723 swing low to the $64,41
high. Besides, there was a break below a connecting bullish trend
line with support at $63,000 on the hourly chart of the BTC/USD
pair. Bitcoin price is now trading above $62,500 and the 100 hourly
Simple moving average. The bulls are also protecting the 76.4% Fib
retracement level of the upward move from the $61,723 swing low to
the $64,41 high. On the upside, the price could face resistance
near the $63,000 level. The first key resistance is near the
$63,200 level. A clear move above the $63,200 resistance might send
the price higher. The next key resistance could be $64,000. A close
above the $64,000 resistance might initiate more gains. In the
stated case, the price could rise and test the $64,400 resistance
level. Any more gains might send the price toward the $65,500
resistance level. More Losses In BTC? If Bitcoin fails to rise
above the $63,200 resistance zone, it could start another decline.
Immediate support on the downside is near the $62,500 level. The
first major support is near the $61,750 level. The next support is
now near the $61,200 zone. Any more losses might send the price
toward the $60,000 support in the near term. Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now
below the 50 level. Major Support Levels – $62,500, followed by
$61,750. Major Resistance Levels – $63,200, and $64,000.
Grafico Azioni Bitcoin (COIN:BTCUSD)
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