Bitcoin price is correcting the rise above the $64,000 resistance. BTC may find strong support near the $59,250 level or the 100-hours SMA.
- Bitcoin price is correcting its upward trend below the $62,250 resistance zone.
- The price is trading above $60,000 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), a break has occurred below the connecting bullish trendline with support at $62,850.
- This pair could correct downward towards $60,000 or even the 100-hour simple moving average.
Bitcoin price adjustment begins
Bitcoin price continued its upward trend above the $62,000 resistance zone. BTC even cleared the $63,200 level and tested the $64,000 area. A new multi-week high was formed near $64,000 before the price began a downward correction.
The price traded below the $62,000 support level. A spike occurred below the 50% Fib retracement level rising from the $57,846 swing low to the $53,549 swing high.
On the hourly chart of the BTC/USD pair, a break occurred below the connecting bullish trendline with support at $62,850. Bitcoin is still trading above $60,000 and the 100-hour simple moving average.
Source: TradingView.com BTCUSD
Immediate resistance is near the $62,200 level. The next major resistance could be $62,850, above which the price could rise towards the $64,000 resistance area. If the bulls remain active, the price may cross $64,000 and test $65,000. If more gains occur, the price may head towards the $68,000 area.
Are dips limited in BTC?
If Bitcoin fails to rise above the $62,200 resistance zone, it may continue to fall. Immediate support for the bears is near the $60,000 level and the 61.8% Fib retracement level of the rise from the $57,846 swing low to the $53,549 swing high.
The first major support is at $58,000 or 100 hourly SMA. If there is a close below $58,000, the price could begin a significant decline towards the $56,500 area. Any more losses could lead the price towards the $55,000 support area.
Technical indicators:
Hourly MACD – MACD is now losing speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $60,000, then $58,000.
Key resistance levels – $62,200, $62,850 and $64,000.
Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.