Why Bitcoin Could Correct Lower Below $60K In Near-Term
26 Octubre 2021 - 10:08PM
NEWSBTC
Bitcoin price started a downside correction from well above $64,000
against the US Dollar. BTC could extend its decline below the
$60,000 support in the near term. Bitcoin failed to stay above
$62,000 and extended its decline. The price is now trading below
$62,000 and the 100 hourly simple moving average. There is a
crucial bearish trend line forming with resistance near $62,300 on
the hourly chart of the BTC/USD pair (data feed from Kraken). The
pair could extend decline below the $60,500 and $60,000 support
levels. Bitcoin Price Remains At Risk Bitcoin price tried to clear
the $64,000 resistance level. However, BTC failed to gain strength
and started a fresh decline. The bears gained strength and were
able to push the price below the $62,500 support zone. The price
even settled below the $62,000 level and the 100 hourly simple
moving average. A low is formed near $59,824 and the price is now
struggling to stay in a positive zone. It is testing the 23.6% Fib
retracement level of the recent decline from the $63,700 swing high
to $59,824 low. It is currently facing resistance near the $60,800
and $61,000 levels. The first major resistance is near the $61,750
level and the 100 hourly SMA. The 50% Fib retracement level of the
recent decline from the $63,700 swing high to $59,824 low is also
near $61,800. Source: BTCUSD on TradingView.com The main breakout
resistance is now forming near the $62,000 level. There is also a
crucial bearish trend line forming with resistance near $62,300 on
the hourly chart of the BTC/USD pair. A clear break above the trend
line resistance and then $62,500 may possibly call open the doors
for a move towards the $63,200 level. The next major resistance
sits near the $64,000 level. More Losses In BTC? If bitcoin fails
to clear the $62,000 resistance zone, it could continue to move
down. An immediate support on the downside is near the $60,000
level. The first major support is now forming near the $59,500
level. A break below the $59,500 support may possibly push the
price towards the $58,000 support zone in the near term. Technical
indicators: Hourly MACD – The MACD is slowly 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 – $60,000,
followed by $59,500. Major Resistance Levels – $61,200, $62,000 and
$62,300.
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