Bitcoin price drops again
The price of Bitcoin struggled to break through the $63,650 and $63,800 resistance levels and formed a high at $63,798 before starting a downside correction. To learn more about cryptocurrency investment logic, please visit my homepage! 🌟
The price declined below the $63,000 level. The bears were able to push it below the $62,500 level and the 100 hourly simple moving average. The price also declined below the 50% Fibonacci retracement level of the up move from the $59,951 swing low to $63,798 high.
Bitcoin price is currently trading below $62,500 and the 100 hourly simple moving average. There is also a connecting bearish trend line forming with resistance at $61,850 on the hourly chart of the BTC/USD pair.
The bulls are currently attempting to protect the $61,400 area and the 61.8% Fibonacci retracement level of the upward move from the $59,951 swing low to $63,798 high. If there is another up move, the price is likely to face resistance at the $61,850 level and near the trend line.
The first key resistance is near $62,250. The next key resistance is likely to be $62,500. A clear break above the $62,500 resistance could start a steady rise that could push the price higher.
In the mentioned case, the price might rise and test the $63,250 resistance level. If the price rises further, BTC might drop to the $63,650 resistance level in the near term.
Can ETH bulls turn the tide?
Ethereum price failed to continue above the $3,520 and $3,550 resistance levels. ETH formed a top near $3,520 and started a fresh decline like bitcoin. It fell below the $3,450 and $3,420 support levels.
The bears pushed the price below the 50% Fibonacci retracement level of the upward wave from the $3,351 low to $3,516 high. The price seems to have given back most of the gains and it could continue to decline below the $3,350 support area.
Ethereum is trading below $3,400 and the 100 hourly simple moving average. It is also below the 76.4% Fibonacci retracement level of the up move from the $3,351 swing low to $3,516 high.
If a recovery wave occurs, the price is likely to face resistance near $3,400. There is also a key bearish trend line forming with resistance near $3,410 on the hourly chart of ETH/USD. The first major resistance is near $3,435.
The next major resistance is near the $3,465 level. A close above $3,465 could drop Ether towards the $3,520 resistance level. The next key resistance is near the $3,550 level. A break above the $3,550 resistance level could push the price higher. On further gains, Ether could drop towards the $3,650 resistance level.
