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Bitcoin Price Bounce Looks Hollow, Downtrend May Resume

Bitcoin value prolonged its decline beneath $75,000. BTC is now making an attempt to get better from $72,850 however faces many hurdles close to $76,500.

  • Bitcoin is making an attempt to get better above $74,000 and $75,000.
  • The value is buying and selling beneath $79,000 and the 100 hourly easy shifting common.
  • There is a bearish development line forming with resistance at $77,200 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair may dip once more if it trades beneath the $75,000 and $74,000 ranges.

Bitcoin Price Faces Hurdles

Bitcoin value failed to stay secure above the $76,000 zone. BTC prolonged its decline beneath the $75,000 and $74,000 ranges. The bears had been capable of push the worth beneath $73,500.

A low was fashioned at $72,865, and the worth is now making an attempt to get better. There was a transfer above $75,000. The value surpassed the 50% Fib retracement degree of the downward transfer from the $79,120 swing high to the $72,865 low.

However, the bears are lively close to $77,000 and the 61.8% Fib retracement degree of the downward move from the $79,120 swing high to the $72,865 low. Bitcoin is now buying and selling beneath $77,000 and the 100 hourly easy shifting common.

If the worth stays secure above $75,000, it might try a contemporary enhance. Immediate resistance is close to the $76,750 degree. The first key resistance is close to the $77,000 degree. There can also be a bearish development line forming with resistance at $77,200 on the hourly chart of the BTC/USD pair.

A detailed above the $77,200 resistance may ship the worth additional larger. In the said case, the worth might rise and take a look at the $78,500 resistance. Any extra beneficial properties may ship the worth towards the $79,000 degree. The subsequent barrier for the bulls could possibly be $80,000 and $80,500.

Another Decline In BTC?

If Bitcoin fails to rise above the $77,200 resistance zone, it might begin one other decline. Immediate help is close to the $75,000 degree. The first main help is close to the $74,000 degree.

The subsequent help is now close to the $72,850 zone. Any extra losses may ship the worth towards the $71,500 help within the close to time period. The predominant help sits at $70,000, beneath which BTC may wrestle to get better within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now beneath the 50 degree.

Major Support Levels – $75,000, adopted by $74,000.

Major Resistance Levels – $76,750 and $77,200.

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