Bitcoin price started a downside correction and tested the £66,500 zone. BTC is now consolidating and might aim for a fresh increase above £67,800.
Bitcoin struggled to test the £70,000 resistance zone and started a downside correction.
The price is trading below £67,500 and the 100 hourly Simple moving average.
There is a short-term contracting triangle forming with support at £67,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a fresh increase unless there is a close below the £66,500 zone.
Bitcoin Price Starts Consolidation Phase
Bitcoin price struggled to continue higher toward the £70,000 level and started a downside correction. There was a move below the £68,500 and £67,500 levels.
The price even tested the £66,500 support zone. A low was formed at £66,564 and the price is now consolidating losses. There was a minor increase above the £66,850 level. The price climbed above the 23.6% Fib retracement level of the downward move from the £69,427 swing high to the £66,564 low.
Bitcoin price is now trading below £67,500 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the £67,100 level. There is also a short-term contracting triangle forming with support at £67,100 on the hourly chart of the BTC/USD pair.
The first key resistance is near the £68,000 level or the 50% Fib retracement level of the downward move from the £69,427 swing high to the £66,564 low. A clear move above the £68,000 resistance might send the price higher. The next key resistance could be £68,500.
Source: BTCUSD on TradingView.com
A close above the £68,500 resistance might initiate more gains. In the stated case, the price could rise and test the £69,200 resistance level. Any more gains might send the price toward the £70,000 resistance level.
Another Decline In BTC?
If Bitcoin fails to rise above the £67,100 resistance zone, it could start another decline. Immediate support on the downside is near the £66,800 level.
The first major support is near the £66,500 level. The next support is now near the £66,200 zone. Any more losses might send the price toward the £65,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – £66,800, followed by £66,500.
Major Resistance Levels – £67,100, and £68,000.
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