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Bitcoin Price Extends Decline, Downside Pressure Builds Aggressively

Bitcoin worth began a recent decline beneath the $78,500 zone. BTC is consolidating and may wrestle to remain above the $76,500 help.

  • Bitcoin failed to remain above $78,500 and prolonged losses.
  • The worth is buying and selling beneath $78,000 and the 100 hourly easy shifting common.
  • There is a bearish development line forming with resistance at $77,700 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair may lengthen losses if it stays beneath the $77,700 and $78,500 ranges.

Bitcoin Price Dips Further

Bitcoin worth failed to remain above the $78,500 support zone. BTC remained in a bearish zone and prolonged losses beneath the $78,000 degree. There was a transfer beneath the $77,500 degree.

The worth even dipped beneath $77,000. A low was shaped at $76,561 and the worth is now consolidating losses. It is exhibiting bearish indicators beneath the 23.6% Fib retracement degree of the downward transfer from the $82,017 swing high to the $76,561 low.

Bitcoin is now buying and selling beneath $77,500 and the 100 hourly simple moving average. If the worth stays steady above $76,000, it may try a recent enhance. Immediate resistance is close to the $77,500 degree. There can be a bearish development line forming with resistance at $77,700 on the hourly chart of the BTC/USD pair.

The first key resistance is close to the $78,650 degree. A detailed above the $78,650 resistance may ship the worth additional larger. In the said case, the worth may rise and check the $80,000 resistance or the 50% Fib retracement degree of the downward transfer from the $82,017 swing high to the $76,561 low. Any extra positive factors may ship the worth towards the $80,800 degree. The subsequent barrier for the bulls may very well be $82,000.

Downside Extension In BTC?

If Bitcoin fails to rise above the $77,700 resistance zone, it may begin one other decline. Immediate help is close to the $76,500 degree.

The first main help is close to the $75,800 degree. The subsequent help is now close to the $75,000 zone. Any extra losses may ship the worth towards the $74,200 help within the close to time period. The major help now sits at $73,500, beneath which BTC may wrestle to recuperate 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 – $76,500, adopted by $76,000.

Major Resistance Levels – $77,700 and $78,650.

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