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Bitcoin Consolidates Losses, Why Recovery Could Fade Near $62.5K
Bitcoin price started an upside correction above $60,000 against the US Dollar. BTC could recover further, but the bears might remain active near $62,500.
Bitcoin is still trading well below the $62,000 and $62,500 resistance levels. The price is now trading below $62,000 and the 100 hourly simple moving average. There is a major bearish trend line with resistance near $60,700 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could recover towards $62,500, where the bears might take a stand. Bitcoin Prys word rooiBitcoin price extended decline below the $62,000 support zone. BTC even traded below the $60,000 support level and settled below the 100 hourly simple moving average.
Finally, the price traded as low as $58,630 and is now consolidating losses. There was a minor recovery wave above the $59,500 and $60,000 levels. There was a break above the 23.6% Fib retracement level of the main drop from the $66,350 swing high to $58,630 low.
On the upside, an immediate resistance is near the $60,700 level. There is also a major bearish trend line with resistance near $60,700 on the hourly chart of the BTC/USD pair.
A proper close above the $60,700 level could set the tone for a larger increase. The first major resistance is near the $62,500 level. It is close to the 50% Fib retracement level of the main drop from the $66,350 swing high to $58,630 low.
Bron: BTCUSD op TradingView.comIf the bulls push the price towards $62,500, the bears are likely to take a stand. Any more gains could open the doors for a move towards the $63,200 level.
Meer verliese in BTC?If bitcoin versuim om bo die $61,200-weerstandsone te herstel, kan dit afname verleng. 'N Onmiddellike ondersteuning aan die nadeel is naby die $59,500-vlak.
The first major support is now forming near the $59,200 level. The next major support is near the $58,500 level, below which the bears might aim a more downsides. In the stated case, the price may perhaps slide towards the $55,000 support zone in the near term.
Tegniese aanwysers:
Uurlikse MACD - Die MACD verloor nou tempo in die lomp sone.
Uur per uur (relatiewe sterkte-indeks) - Die RSI vir BTC / USD is nou net bo die 50-vlak.
Belangrike ondersteuningsvlakke - $ 59,200, gevolg deur $ 58,500.
Groot weerstandsvlakke - $ 60,700, $ 61,200 en $ 62,500.
Oorspronklike bron: NewsBTC