Bitcoin price started a fresh decline below the $78,500 zone. BTC is consolidating and might struggle to stay above the $75,500 support.
Bitcoin failed to stay above $77,500 and corrected gains.
The price is trading below $77,000 and the 100 hourly simple moving average.
There is a connecting bearish trend line forming with resistance at $76,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might extend losses if it stays below the $76,000 and $75,500 levels.
Bitcoin Price Dips Further
Bitcoin price failed to stay above the $77,500 support zone. BTC remained in a bearish zone and extended losses below the $77,000 level. There was a move below the $76,500 level.
The price even dipped below $76,000. A low was formed at $75,652 and the price is now consolidating losses. There was a minor increase toward the 23.6% Fib retracement level of the downward move from the $79,480 swing high to the $75,652 low.
Bitcoin is now trading below $77,000 and the 100 hourly simple moving average. If the price remains stable above $75,500, it could attempt a fresh increase. Immediate resistance is near the $76,500 level. There is also a connecting bearish trend line forming with resistance at $76,500 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $77,150 level. A close above the $77,150 resistance might send the price further higher. In the stated case, the price could rise and test the $77,500 resistance and the 50% Fib retracement level of the downward move from the $79,480 swing high to the $75,652 low. Any more gains might send the price toward the $78,000 level. The next barrier for the bulls could be $78,500.
Downside Continuation In BTC?
If Bitcoin fails to rise above the $77,000 resistance zone, it could start another decline. Immediate support is near the $76,000 level.
The first major support is near the $75,800 level. The next support is now near the $75,500 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 – $75,500, followed by $75,000.
Major Resistance Levels – $76,500 and $77,150.
