Bitcoin price continued its upward trend above the $67,500 resistance level. BTC has tested the $68,000 resistance and is currently correcting to the upside.
- Bitcoin began a downward correction after rising towards the $68,000 resistance zone.
- The price is trading below $67,000 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 $65,900.
- Unless the bears break below $65,900, the pair could begin another rally.
Bitcoin price downward correction begins
Bitcoin price remained stable above the $66,500 level. BTC extended its gains above the $67,200 and $67,500 resistance levels. It traded at a new weekly high of $67,984 and recently began a downward correction.
There was a move below the $67,000 support. Moreover, on the hourly chart of the BTC/USD pair, a break occurred below the connecting bullish trendline with support at $65,900. The pair even fell below the $66,500 support.
Bitcoin price is currently trading below $67,000 and the 100-hour simple moving average. The lowest point was made at $65,922 and the price is currently attempting a new rise.
There was a move above the $66,200 level. The price broke above the 23.6% Fib retracement level of the downward correction from the $67,984 swing high to the $65,922 low. The price is currently finding resistance near the $66,500 level and the 100-hourly simple moving average.
The first major resistance could be at $66,950. The $67,984 swing high to $65,922 low is close to the 50% Fib retracement level of the downside correction. The next major resistance could be $67,500. A clear break above the $67,500 resistance could push the price higher. If stated, the price could move higher and test the $68,000 resistance.
If the bulls remain active, the price may rise towards the $68,800 resistance zone. Further gains could push BTC towards the $70,000 barrier.
Another drop in BTC?
If Bitcoin fails to rise above the $66,500 resistance zone, it may continue to fall. Immediate support for the downside is near the $66,000 level and trend line.
The first major support is $65,500. Key support is currently located near $64,500. More losses may lead the price towards the $63,150 support area in the near term.
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 – $65,900, then $65,500.
Key resistance levels – $66,500, $67,000 and $67,500.