Bitcoin Price Gives Back Gains, But Structure Remains Bullish
Bitcoin price started a fresh decline from the $78,400 zone. BTC is consolidating and might struggle to stay above the $73,500 support. In the stated case, the price could rise and test the $76,000 resistance and the 50% Fib retracement level of the downward move from the $78,343 swing high to the $73,637 low. Any more gains might send the price toward the $77,200 level. The next barrier for the bulls could be $78,000. If Bitcoin fails to rise above the $75,500 resistance zone, it could start another decline. Immediate support is near the $74,000 level. The first major support is near the $73,500 level. The next support is now near the $72,500 zone. Any more losses might send the price toward the $71,200 support in the near term. The main support now sits at $70,000, below which BTC might struggle to recover in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $74,000, followed by $73,500. Major Resistance Levels – $75,500 and $76,000.Downside Continuation In BTC?
About Author
