TA: Bitcoin Retreats Lower, Why There Is Risk of Sharp Decline

News BTC

Bitcoin price traded to a new all-time high above $66,800 before correcting lower against the US Dollar. BTC traded below $63,000 and it remains at a risk of more downsides.

  • Bitcoin rallied above the $65,000 and $66,000 resistance levels before correcting lower.
  • The price is now trading below $63,000 and the 100 hourly simple moving average.
  • There was a break below a major bullish trend line with support near $63,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could accelerate lower if it remains below the $64,000 pivot level.

Bitcoin Price Corrects Lower

Bitcoin price extended its increase above the $65,000 resistance zone. BTC even broke $66,000 and traded to a new all-time high near $66,982.

How To Get Free Crypto  

Recently, there was a downside correction below the $65,000 support level. There was also a break below a major bullish trend line with support near $63,200 on the hourly chart of the BTC/USD pair. The pair is now trading below $63,000 and the 100 hourly simple moving average.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

A low is formed near $62,050 and it is now consolidating losses. An immediate resistance is near the $63,200 level. It is near the 23.6% Fib retracement level of the downward move from the $66,982 swing high to $62,050 low.

The 100 hourly SMA is also positioned just above the $63,200 level. A clear break above the $63,200 resistance could open the doors for a fresh increase. The next major resistance sits near the $64,500 level, above which the price might rise towards the $66,000 level.

Get 110 USDT Futures Bonus for FREE!
Source: BTCUSD on TradingView.com

The $64,500 resistance is close to the 50% Fib retracement level of the downward move from the $66,982 swing high to $62,050 low. Any more gains may possibly call for a new all-time high above the $67,000 level in the near term.

Coinbase Banner  

More Losses In BTC?

If bitcoin fails to clear the $63,200 resistance zone, it could extend its downside correction. An immediate support on the downside is near the $62,200 level.

The first major support is now forming near the $62,000 level. A break below the $62,000 support may possibly push the price towards the $60,000 support zone.

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 – $62,200, followed by $62,000.

Major Resistance Levels – $63,200, $64,500 and $66,000.

Go to Source
Author: Aayush Jindal


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.