Bitcoin price started a downward correction from the $82,000 zone. BTC is consolidating and could target another surge if it clears $82,000.
- Bitcoin failed to stay above $81,500 and extended losses.
- The price is trading above $80,500 and the 100 hourly moving average.
- A major contracting triangle is forming with support at $80,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend losses if it remains below the USD 81,800 and USD 82,000 levels.
Bitcoin price drops again
Bitcoin price failed to break the USD 82,000 resistance zone. BTC started a downward correction below the USD 81,500 and USD 81,200 levels to enter a short-term bearish zone.
There was a move below the 50% Fib retracement level of the upward move from the $80,421 swing low to the $82,100 high. However, the bulls were active above $80,500. A major contracting triangle is also forming with support at $80,800 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading above $80,500 and the 100 hourly moving average. If the price remains stable above $80,500, another move up can be attempted. The immediate resistance is near the $81,500 level.
The first major resistance is near the $81,800 level. A close above the resistance at $81,800 could send the price higher. In the mentioned case, the price could rise and test the USD 82,250 resistance. Any further gains could send the price towards the USD 82,500 level. The next threshold for the bulls could be $83,500.
Disadvantage extension in BTC?
If Bitcoin fails to rise above the USD 81,800 resistance zone, it could trigger another decline. Immediate support is near the $80,800 level or the 76.4% Fib retracement level of the upward move from the $80,421 swing low to the $82,100 high.
The first major support is near the $80,400 level. The next support is now near the $79,400 zone. Any further losses could send the price towards the $79,000 support in the near term. The key support now lies at $78,500, below which BTC could struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – USD 80,800, followed by USD 80,400.
Major resistance levels – $81,800 and $82,000.