Bitcoin Price At Risk of More Downsides Before Fresh Increase To $70K
18 Marzo 2024 - 8:54PM
NEWSBTC
Bitcoin price struggled to recover above the $68,800 resistance.
BTC is now moving lower and there is a risk of more downsides below
the $65,000 support. Bitcoin price is struggling to start a fresh
increase above the $68,000 zone. The price is trading below $68,000
and the 100 hourly Simple moving average. There is a connecting
bearish trend line forming with resistance at $67,800 on the hourly
chart of the BTC/USD pair (data feed from Kraken). The pair could
gain bullish momentum if it clears the $68,000 resistance zone in
the near term. Bitcoin Price Faces Resistance Bitcoin price
attempted a fresh increase above the $65,500 zone. BTC climbed
above the $67,200 and $68,000 levels. However, the bears were
active near the $69,000 zone. A high was formed at $68,898 and the
price is now moving lower. There was a move below the $67,500
support zone. The price declined below the 50% Fib retracement
level of the recovery wave from the $64,555 swing low to the
$68,898 high. Bitcoin is now trading below $68,000 and the 100
hourly Simple moving average. It is testing the 76.4% Fib
retracement level of the recovery wave from the $64,555 swing low
to the $68,898 high. There is also a connecting bearish trend line
forming with resistance at $67,800 on the hourly chart of the
BTC/USD pair. Immediate resistance is near the $66,750 level. The
next key resistance could be $67,800 or the trend line, above which
the price could rise toward the $68,800 resistance zone. Source:
BTCUSD on TradingView.com If there is a clear move above the
$68,800 resistance zone, the price could even attempt a move above
the $70,000 resistance zone. Any more gains might send the price
toward the $71,200 level. More Losses In BTC? If Bitcoin fails to
rise above the $67,800 resistance zone, it could start another
decline. Immediate support on the downside is near the $65,550
level. The first major support is $65,000. The main support sits at
$64,500. If there is a close below $64,500, the price could start a
drop toward the $63,500 level. Any more losses might send the price
toward the $62,000 support zone. 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 – $65,500, followed by $65,000. Major
Resistance Levels – $67,800, $68,800, and $70,000.
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