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Bitcoin price extended gains above the USD 69,200 resistance zone. BTC is now correcting gains and trading near the $67,500 pivot level.
- Bitcoin struggled to test the $70,000 resistance zone and corrected some gains.
- The price is trading below $68,500 and the 100 hourly Simple Moving Average.
- There was a break below the main contract triangle with support at $68,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a new rise unless there is a close below the $66,500 zone.
Bitcoin Price Drops in Support
Bitcoin price remained supported above the $66,500 zone. BTC started another small rise above the USD 68,500 resistance zone. The bulls managed to cross the $69,200 mark.
However, there was no test of the $70,000 resistance zone. A high was formed near USD 69,428 and the price is now correcting gains. There was a small decline below the $68,000 level. There was a break below the main contract triangle with support at $68,500 on the hourly chart of the BTC/USD pair.
The pair tested the support at $66,500. It is now consolidating above the 23.6% Fib retracement level of the downward move from the $69,428 swing high to the $66,564 low.
Bitcoin price is now trading below $68,500 and the 100 hourly Simple Moving Average. On the upside, the price could face resistance near the $68,000 level or the 50% Fib retracement level of the downward move from the $69,428 swing high to the $66,564 low.
The first major resistance is around the $68,750 level. A clear move above the USD 68,750 resistance could push the price higher. The next major resistance could be $69,200. A close above the $69,200 resistance could lead to more gains. In the said case, the price could rise and test the USD 70,000 resistance level. Any further gains could send the price towards the USD 70,500 resistance level.
Lose more in BTC?
If Bitcoin fails to rise above the $68,000 resistance zone, it could trigger another decline. The immediate downside support is near the $67,000 level.
The first major support is near the $66,800 level. The next support is now near the $66,500 zone. Any further losses could send the price towards the USD 65,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – USD 66,800, followed by USD 66,500.
Major resistance levels – $68,000 and $68,500.
