Bitcoin Price Downside Thrust Over Or The Bears Are Not Done Yet?
15 Abril 2024 - 12:15AM
NEWSBTC
Bitcoin price started a major decline amid the Israel-Iran
tensions. BTC declined toward $60,500 and is currently attempting a
recovery wave. Bitcoin is attempting a recovery wave from the
$60,500 support zone. The price is trading below $65,500 and the
100 hourly Simple moving average. There is a key rising channel
forming with resistance at $65,850 on the hourly chart of the
BTC/USD pair (data feed from Kraken). The pair could gain bullish
momentum if it clears the $66,000 resistance zone. Bitcoin Price
Recovery Faces Hurdles Bitcoin price started a major decline below
the $70,000 level. BTC gained bearish momentum amid rising tensions
between Israel and Iran. There was a sharp decline below the
$66,000 and $65,000 levels. The price dipped over 10% and even
tested the $60,500 support. A low was formed near $60,495 and the
price is now attempting a recovery wave. It climbed above the
$62,500 and $63,000 levels. There was a move above the 23.6% Fib
retracement level of the downward move from the $71,200 swing high
to the $60,495 low. Bitcoin is now trading below $67,000 and the
100 hourly Simple moving average. Immediate resistance is near the
$65,800 level. There is also a key rising channel forming with
resistance at $65,850 on the hourly chart of the BTC/USD pair. It
is close to the 50% Fib retracement level of the downward move from
the $71,200 swing high to the $60,495 low. Source: BTCUSD on
TradingView.com The first major resistance could be $66,000. The
next resistance now sits at $68,000 and the 100 hourly Simple
moving average. If there is a clear move above the $68,000
resistance zone, the price could continue to move up. In the stated
case, the price could rise toward $70,000. The next major
resistance is near the $71,200 zone. Any more gains might send
Bitcoin toward the $72,500 resistance zone in the near term.
Another Decline In BTC? If Bitcoin fails to rise above the $66,850
resistance zone, it could start another decline. Immediate support
on the downside is near the $64,500 level. The first major support
is $63,000. If there is a close below $63,000, the price could
start to drop toward the $62,000 level. Any more losses might send
the price toward the $60,500 support zone 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 above the 50 level. Major Support Levels –
$64,500, followed by $63,000. Major Resistance Levels – $65,850,
$66,000, and $68,000.
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