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Bitcoin price started a downward correction from the USD 64,750 resistance. BTC is still above the USD 62,500 support and could be aiming for another surge.
- Bitcoin is consolidating gains below the USD 63,800 resistance zone.
- The price is trading below $63,500 and the 100 hourly Simple Moving Average.
- There is a connecting bearish trendline with resistance at $63,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise again if there is a clear move above the $63,700 resistance zone.
Bitcoin price revisits $62,500
Bitcoin price started a downward correction after failing to reach the $64,750 zone. BTC fell below the USD 64,000 and USD 63,500 support levels. There was also a spike below $63,000.
A low was formed at $63,673 and the price is now consolidating losses. There was a move above the USD 63,000 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $64,770 swing high to the $62,673 low.
Bitcoin is now trading below $63,500 and the 100 hourly Simple Moving Average. If there is a new increase, the price may encounter resistance near the USD 63,250 level. There is also a connecting bearish trendline with resistance at $63,300 on the hourly chart of the BTC/USD pair.
The first major resistance is near the $63,700 level. A clear move above the USD 63,700 resistance could push the price higher. The next major resistance could be $64,000, or the 61.8% Fib retracement level of the downward move from the $64,770 swing high to the $62,673 low. A close above the $64,000 resistance could provide more upside. In the said case, the price could rise and test the USD 64,750 resistance level.
Lose more in BTC?
If Bitcoin fails to rise above the USD 63,700 resistance zone, it could continue to decline. The immediate downside support is near the $63,000 level.
The first major support is near the $62,500 level. The next support is now near the $62,000 zone. Any further losses could send the price towards the USD 61,200 support in the short term.
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 – USD 63,000, followed by USD 62,500.
Major resistance levels – $63,600 and $64,000.
