Bitcoin price started a new decline below the $78,500 zone. BTC is consolidating and could struggle to stay above the USD 76,500 support.
- Bitcoin failed to stay above $78,500 and extended losses.
- The price is trading below $78,000 and the 100 hourly moving average.
- A bearish trendline is forming with resistance at $77,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend losses if it remains below the USD 77,700 and USD 78,500 levels.
Bitcoin price continues to fall
Bitcoin price failed to stay above the USD 78,500 support zone. BTC remained in a bearish zone and extended losses below the USD 78,000 level. There was a move below the USD 77,500 level.
The price even dropped below $77,000. A low was formed at $76,561 and the price is now consolidating losses. It is showing bearish signs below the 23.6% Fib retracement level of the downward move from the $82,017 swing high to the $76,561 low.
Bitcoin is now trading below $77,500 and the 100 hourly moving average. If the price remains stable above $76,000, another move up can be attempted. The immediate resistance is near the $77,500 level. A bearish trendline is also forming with resistance at $77,700 on the hourly chart of the BTC/USD pair.
The first major resistance is near the $78,650 level. A close above the resistance at $78,650 could send the price rising further. In the said case, the price could rise and test the $80,000 resistance or the 50% Fib retracement level of the downward move from the $82,017 swing high to the $76,561 low. Any further gains could send the price towards the USD 80,800 level. The next barrier for the bulls could be $82,000.
Disadvantage extension in BTC?
If Bitcoin fails to rise above the USD 77,700 resistance zone, it could trigger another decline. Immediate support is near the $76,500 level.
The first major support is near the $75,800 level. The next support is now near the $75,000 zone. Any further losses could send the price towards the USD 74,200 support in the near term. The key support now lies at $73,500, 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 76,500, followed by USD 76,000.
Major resistance levels – $77,700 and $78,650.