Bitcoin
price
started
another
decline
from
the
$66,850
resistance
zone.
BTC
is
again
moving
lower
and
might
even
decline
below
the
$65,500
support
zone.

• Bitcoin
  failed
  to
  climb
  above
  $67,000
  and
  started
  another
  decline.
• The
  price
  is
  trading
  below
  $66,800
  and
  the
  100
  hourly
  Simple
  moving
  average.
• There
  was
  a
  break
  below
  a
  connecting
  bullish
  trend
  line
  with
  support
  at
  $66,500
  on
  the
  hourly
  chart
  of
  the
  BTC/USD
  pair
  (data
  feed
  from
  Kraken).
• The
  pair
  could
  continue
  to
  move
  down
  and
  even
  trade
  below
  the
  $65,500
  support
  zone.

Bitcoin
Price
Resumes
Decline

Bitcoin
price
struggled
to
climb
above
the

$67,000
resistance
zone.
BTC
remained
in
a
bearish
zone
and
started
a
fresh
decline
from
the
$66,868
high.
There
was
a
move
below
the
$66,500
level.

 

Besides,
there
was
a
break
below
a
connecting
bullish
trend
line
with
support
at
$66,500
on
the
hourly
chart
of
the
BTC/USD
pair.
The
pair
traded
below
the
23.6%
Fib
retracement
level
of
the
upward
move
from
the
$65,075
swing
low
to
the
$66,868
high.

Bitcoin
is
now
trading
below
$66,800
and
the

100
hourly
Simple
moving
average.
It
seems
like
the
price
might
soon
test
the
50%
Fib
retracement
level
of
the
upward
move
from
the
$65,075
swing
low
to
the
$66,868
high.

On
the
upside,
the
price
is
facing
resistance
near
the
$66,500
level
and
the
100
hourly
Simple
moving
average.
The
first
major
resistance
could
be
$66,850.
The
next
key
resistance
could
be
$67,000.
A
clear
move
above
the
$67,000
resistance
might
start
a
decent
increase
and
send
the
price
higher.

In
the
stated
case,
the
price
could
rise
and
test
the
$66,000
resistance.
Any
more
gains
might
send
BTC
toward
the
$68,500
resistance
in
the
near
term.

 

More
Losses
In
BTC?

If
Bitcoin
fails
to
climb
above
the
$66,500
resistance
zone,
it
could
continue
to
move
down.
Immediate
support
on
the
downside
is
near
the
$66,000
level.

The
first
major
support
is
$65,750.
The
next
support
is
now
forming
near
$65,500.
Any
more
losses
might
send
the
price
toward
the
$65,000
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
–
$66,500,
followed
by
$65,000.

Major
Resistance
Levels
–
$66,500,
and
$67,000.

Go to Source
Author: Aayush Jindal

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