Bitcoin price started a fresh decline below the $78,500 zone. BTC is consolidating and might struggle to stay above the $76,500 support.
Bitcoin failed to stay above $78,500 and extended losses.
The price is trading below $78,000 and the 100 hourly simple moving average.
There is a bearish trend line forming with resistance at $77,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might extend losses if it stays below the $77,700 and $78,500 levels.
Bitcoin Price Dips Further
Bitcoin price failed to stay above the $78,500 support zone. BTC remained in a bearish zone and extended losses below the $78,000 level. There was a move below the $77,500 level.
The price even dipped below $77,000. A low was formed at $76,561 and the price is now consolidating losses. It is showing bearish signs below the 23.6% Fib retracement level of the downward move from the $82,017 swing high to the $76,561 low.
Bitcoin is now trading below $77,500 and the 100 hourly simple moving average. If the price remains stable above $76,000, it could attempt a fresh increase. Immediate resistance is near the $77,500 level. There is also a bearish trend line forming with resistance at $77,700 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $78,650 level. A close above the $78,650 resistance might send the price further higher. In the stated case, the price could rise and test the $80,000 resistance or the 50% Fib retracement level of the downward move from the $82,017 swing high to the $76,561 low. Any more gains might send the price toward the $80,800 level. The next barrier for the bulls could be $82,000.
Downside Extension In BTC?
If Bitcoin fails to rise above the $77,700 resistance zone, it could start another decline. Immediate support is near the $76,500 level.
The first major support is near the $75,800 level. The next support is now near the $75,000 zone. Any more losses might send the price toward the $74,200 support in the near term. The main support now sits at $73,500, below which BTC might struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now 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 – $76,500, followed by $76,000.
Major Resistance Levels – $77,700 and $78,650.
