Skip to main content

Bitcoin Price Dips, Why BTC Could Dive Below $60K

Bitcoin price failed to stay above the $62,000 support against the US Dollar. BTC could decline heavily if it breaks the $60,000 support zone in the near term.

  • Bitcoin failed to surpass $62,500 and started a fresh decline.
  • The price is now trading below $62,000 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $61,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could accelerate lower if there is a clear break below $60,000.
Bitcoin Price Faces Resistance

Bitcoin price attempted an upside break above the $62,500 resistance level. However, BTC failed to gain strength above $62,500. A high was formed near $62,950 and started a fresh decline.

There was a clear break below the $61,200 and $61,000 support levels. There was also a break below a key bullish trend line with support near $61,500 on the hourly chart of the BTC/USD pair. It is now trading below $62,000 and the 100 hourly simple moving average.

The pair even spiked below the 50% Fib retracement level of the upward move from the $58,140 swing low to $62,950 high. On the upside, an immediate resistance is near the $61,000 level.

Source: BTCUSD on TradingView.com

The first major resistance is near the $61,200 level and the 100 hourly SMA. A clear break above $61,200 resistance may possibly call open the doors for a move towards the $62,000 level. The next major resistance sits near the $62,500 level. A close above $62,500 might start a steady increase.

More Losses In BTC?

If bitcoin fails to clear the $62,000 resistance zone, it could extend its decline. An immediate support on the downside is near the $60,200 level. The first major support is now forming near the $60,000 level.

It is near the 61.8% Fib retracement level of the upward move from the $58,140 swing low to $62,950 high. A break below the $60,000 support may possibly spark a sharp decline. The next key support is near the $58,500 level. Any more losses might call for a move towards the $55,000 level.

Technical indicators:

Hourly MACD – The MACD is slowly 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 – $60,200, followed by $60,000.

Major Resistance Levels – $61,200, $62,000 and $62,500.



from NewsBTC https://ift.tt/2ZKP16w
via IFTTT
Labels:

Comments

Post a Comment

Any questions, Please.

Popular posts from this blog

Five Bitcoin Price Charts Analyzing The Dramatic Q1 2022 Conclusion

There are only hours remaining until the Q1 2022 close in Bitcoin price action. With the important quarterly candle set to close tonight, let’s look at what technicals might say about the direction of the next quarter. Q1 2022 Comes To A Close For Bitcoin The first quarter of a year, often sets the tone for the year to come. In investments, a poor Q1 performance is indicative of a bad year ahead. Considering the fact that Bitcoin price is now above $45,000 after touching $32,000 this quarter, it is tough to say the performance has been “poor” by anything other than crypto standards. Related Reading | Bitcoin Weekly Momentum Flips Bullish For First Time In 2022 The cryptocurrency has recovered nearly 40% from the low, leaving a long wick behind. Such a long wick suggests that before the quarter came to a close, buyers stepped up in a major way. Buyers were able to step up in a larger capacity in Q1 2022 than bears were able to in the final quarter of last year. The bearish wick to cl...
Post a Comment
Read more

ENS DAO delegates offer perspective on DAO governance and decentralized identity

AlphaWallet CEO and Spruce co-founder talk about their roles as contributors to the Ethereum Name Service following the project's recent airdrop. Earlier this month, the Ethereum Name Service, or ENS, formed a decentralized autonomous organization, or DAO, for the ENS community.  Cointelegraph spoke to two ENS DAO delegates who applied for the opportunity to represent the community and stay involved in the decision making process: Victor Zhang, CEO of AlphaWallet, an open source Ethereum wallet, and Gregory Rocco, co-founder of Spruce, a decentralized ID and data toolkit for developers. Zhang spoke about his experience as an external contributor to ENS and an early supporter since 2018. Zhang initially sought to help ENS by offering Alpha Wallet as a user-friendly tool for  resolving .eth names and cryptocurrency wallet addresses. Essentially, if a user inputs an .eth name in the AlphaWallet, it will show the wallet address, and vice versa using reverse resolution. Alpha...
Post a Comment
Read more

How Social Platform Chingari is Using Web 3.0 to Transform the Traditional Way We Use Social Media

The world is changing. This isn’t news to anyone, but sometimes it is nice to realize that—contrary to news headlines—not all the change is bad.  In fact, the last decade has seen so much innovation and so many improvements to technology that even 2015 seems like a different world.  Internet speeds, connecting with anyone globally (for free), and our ability to reach large groups of people without a middleman is nothing short of revolutionary. When it comes to technology evolution, this often happens with different iterations.  Once a system is mature, there’s a better idea of what we would like to change and improve.  We go back to the drawing board, target our creative minds at the issues, and create a new version that has evolved to better meet our needs.  The Internet has followed this model since its inception, evolving through three distinct stages.  We are only at the cusp of the third stage, called Web 3.0, with technologies such as blockchain and ...
Post a Comment
Read more