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Bitcoin Price started another fall under the $ 85,000 zone. BTC is now consolidating and may have trouble recovering above $ 83,500 zone.
- Bitcoin started a new decline under the $ 83,500 support zone.
- The price is traded under $ 83,200 and the simple simple advancing average of 100 hours.
- There is a connecting Bearish trend line that forms with resistance at $ 82,750 on the hour table of the BTC/USD pair (data feed from Kraken).
- The couple can start a new decline if it remains under the $ 83,500 resistance zone.
Bitcoin -price drops further
Bitcoin price has not remained above the level of $ 85,500. BTC started another decrease and traded under the support area in $ 85,000. The bears were given strength for a movement under the $ 83,500 support zone.
The price even fell below the $ 82,000 level. A low point was formed at $ 81,586 and the price is now losing losing below the 23.6% FIB retracement level of the downward movement of the $ 83,500 Swing High to $ 81,586 Swing Low.
Bitcoin price is now traded under $ 82,500 and the 100 simple advancing average per hour. At the top is immediate resistance near the level of $ 82,000. The first key resistance is near the level of $ 82,750. There is also a connecting Bearish trend line that forms with resistance at $ 82,750 on the hour table of the BTC/USD pair.
The trend line is near the 61.8% FIB retracement level of the downward movement of the $ 83,500 Swing high to $ 81,586 Swing Low. The next key resistance can be $ 83,500. An end above the resistance of $ 83,500 can further send the price. In the case mentioned, the price could rise and the resistance level of $ 84,200 tests. More profits can send the price to the level of $ 84,800 or even $ 85,000.
Another decline in BTC?
If Bitcoin does not rise above the $ 83,500 resistance zone, this can start a new decline. Immediate support on the disadvantage is near the level of $ 81,800. The first major support is near the level of $ 81,500.
The next support is now near the $ 80,650 zone. More losses can send the price in the short term to the support of $ 80,000. The most important support is at $ 78,500.
Technical indicators:
MACD per hour – The MACD now wins pace in the bearish zone.
Picly RSI (relative strength -index) -The RSI for BTC/USD is now below the 50 -level level.
Important support levels – $ 81,500, followed by $ 80,650.
Important resistance levels – $ 82,750 and $ 83,500.