Bitcoin Price At Make-Or-Break Moment, Key Levels To Watch
18 April 2024 - 1:27PM
NEWSBTC
Bitcoin price is still struggling below the $65,000 resistance
zone. BTC must stay above the $60,000 support zone to avoid a major
decline. Bitcoin is still struggling to gain pace for a move above
the $65,000 resistance zone. The price is trading below $63,000 and
the 100 hourly Simple moving average. There is a key bearish trend
line forming with resistance at $62,650 on the hourly chart of the
BTC/USD pair (data feed from Kraken). The pair could gain bullish
momentum if it clears the $63,000 resistance zone. Bitcoin Price
Remains At Risk Bitcoin price failed to clear the $64,500
resistance zone. BTC formed a short-term top at $64,450 and started
another decline. There was a move below the $63,000 and $62,000
levels. The price even spiked below the $60,000 level. A low was
formed near $59,700 and the price is now attempting a fresh
recovery wave. The price climbed above the 23.6% Fib retracement
level of the recent decline from the $64,444 swing high to the
$59,700 low. Bitcoin price is trading below $63,000 and the 100
hourly Simple moving average. Immediate resistance is near the
$62,000 level. It is close to the 50% Fib retracement level of the
recent decline from the $64,444 swing high to the $59,700 low. The
first major resistance could be $62,650 and the trend line. The
next resistance now sits at $63,000. If there is a clear move above
the $63,000 resistance zone, the price could continue to move up.
In the stated case, the price could rise toward $64,500. Source:
BTCUSD on TradingView.com The next major resistance is near the
$65,000 zone. Any more gains might send Bitcoin toward the $66,500
resistance zone in the near term. More Losses In BTC? If Bitcoin
fails to rise above the $63,000 resistance zone, it could start
another decline. Immediate support on the downside is near the
$60,800 level. The first major support is $60,000. If there is a
close below $60,000, the price could start to drop toward the
$59,200 level. Any more losses might send the price toward the
$58,500 support zone 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 – $60,800, followed by $60,000. Major
Resistance Levels – $62,650, $63,000, and $64,500.
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