Bitcoin Price Turns Attractive On Dips, 100 SMA Is The Key

Published on:

Bitcoin price is correcting gains from the $64,000 resistance. BTC might find strong support near the $59,250 level or the 100 hourly SMA.

  • Bitcoin price is correcting gains below the $62,250 resistance zone.
  • The price is trading above $60,000 and the 100 hourly Simple moving average.
  • There was a break below a connecting bullish trend line with support at $62,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct lower toward $60,000 or even to the 100 hourly Simple moving average.

Bitcoin Price Starts Correction

Bitcoin price extended its rally above the $62,000 resistance zone. BTC even cleared the $63,200 level and tested the $64,000 zone. A new multi-week high was formed near $64,000 before the price started a downside correction.

The price traded below the $62,000 support. There was a spike below the 50% Fib retracement level of the upward move from the $57,846 swing low to the $53,549 swing high.

There was a break below a connecting bullish trend line with support at $62,850 on the hourly chart of the BTC/USD pair. Bitcoin is still trading above $60,000 and the 100 hourly Simple moving average.

Bitcoin Price

Source: BTCUSD on TradingView.com

Immediate resistance is near the $62,200 level. The next key resistance could be $62,850, above which the price could rise toward the $64,000 resistance zone. If the bulls remain in action, the price could even surpass $64,000 and test $65,000. Any more gains might send the price toward the $68,000 zone.

Are Dips Limited In BTC?

If Bitcoin fails to rise above the $62,200 resistance zone, it could continue to move down. Immediate support on the downside is near the $60,000 level and the 61.8% Fib retracement level of the upward move from the $57,846 swing low to the $53,549 swing high.

The first major support is $58,000 or the 100 hourly SMA. If there is a close below $58,000, the price could start a decent pullback toward the $56,500 zone. Any more losses might send the price toward the $55,000 support zone.

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 below the 50 level.

Major Support Levels – $60,000, followed by $58,000.

Major Resistance Levels – $62,200, $62,850, and $64,000.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source link

Related