Bitcoin price extended its rally above the $67,500 resistance level. BTC tested the $68,000 resistance and is currently correcting up.
- Bitcoin started a downward correction after rallying towards the $68,000 resistance zone.
- The price is trading below the $67,000 and 100 hourly simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), it broke below the connected bullish trend line with support at $65,900.
- Unless the bears sustain a break below $65,900, the pair is likely to move higher.
Bitcoin price begins to correct downwards
Bitcoin price has stabilized above the $66,500 level. BTC continued to rise above the $67,200 and $67,500 resistance levels. It traded to a new weekly high of $67,984 and recently began a downward correction.
There was a move below the $67,000 support zone. Furthermore, the BTC/USD pair broke below the connected bullish trend line with support at $65,900 on the hourly chart. The pair even fell below the $66,500 support zone.
Bitcoin price is currently trading below $67,000 and the 100 hourly simple moving average. A low was formed at $65,922 and the price is currently attempting a new uptrend.
There was a move above the $66,200 level. The price rose above the 23.6% Fib retracement level of the downside correction from the swing high of $67,984 to the low of $65,922. The price is currently facing resistance near the $66,500 level and the 100-hour simple moving average.
The first major resistance level could be at $66,950. This is near the 50% Fib retracement level of the downside correction from the swing high of $67,984 to the low of $65,922. The next major resistance level could be at $67,500. A clear break above the $67,500 resistance could push the price higher. In the above case, the price could rise and test the $68,000 resistance.
If the bulls continue their action, the price could rise towards the $68,800 resistance zone. Any more gains could bring BTC closer to his $70,000 wall.
Will BTC fall again?
If Bitcoin fails to break above the $66,500 resistance zone, the decline could continue. Immediate support on the downside is near the $66,000 level and trend line.
The first major support is $65,500. Currently, major support has formed near $64,500. Any further losses could send the price towards the $63,150 support zone in the short term.
Technical indicators:
Hourly MACD – The MACD is currently losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is currently below the 50 level.
Major support level – $65,900, then $65,500.
Key resistance levels – $66,500, $67,000, $67,500.
