Bitcoin cost began an upside correction above $60,000 versus the United States Dollar. BTC might recuperate even more, however the bears may stay active near $62,500.
- Bitcoin is still trading well listed below the $62,000 and $62,500 resistance levels.
- The cost is now trading listed below $62,000 and the 100 per hour easy moving average.
- There is a significant bearish pattern line with resistance near $60,700 on the per hour chart of the BTC/USD set (information feed from Kraken).
- The set might recuperate towards $62,500, where the bears may decide.
Bitcoin Price Turns Red
Bitcoin cost extended decrease listed below the $62,000 assistance zone. BTC even traded listed below the $60,000 assistance level and settled listed below the 100 per hour easy moving average.
Finally, the cost traded as low as $58,630 and is now combining losses. There was a small healing wave above the $59,500 and $60,000 levels. There was a break above the 23.6% Fib retracement level of the primary drop from the $66,350 swing high to $58,630 low.
On the benefit, an instant resistance is near the $60,700 level. There is likewise a significant bearish pattern line with resistance near $60,700 on the per hour chart of the BTC/USD set.
A correct close above the $60,700 level might set the tone for a bigger boost. The initially significant resistance is near the $62,500 level. It is close to the 50% Fib retracement level of the primary drop from the $66,350 swing high to $58,630 low.
Source: BTCUSD on TradingView.com
If the bulls press the cost towards $62,500, the bears are most likely to decide. Any more gains might unlock for a relocation towards the $63,200 level.
More Losses in BTC?
If bitcoin stops working to recuperate above the $61,200 resistance zone, it might extend decrease. An instant assistance on the drawback is near the $59,500 level.
The initially significant assistance is now forming near the $59,200 level. The next significant assistance is near the $58,500 level, listed below which the bears may intend a more disadvantages. In the mentioned case, the cost might maybe move towards the $55,000 assistance zone in the near term.
Hourly MACD – The MACD is now losing speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now simply above the 50 level.
Major Support Levels – $59,200, followed by $58,500.
Major Resistance Levels – $60,700, $61,200 and $62,500.