Bitcoin accelerated to $64,000 yesterday but then started a correction. According to technical analysis by NewsBTC’s Aayush Jindal, Bitcoin could correct further if altcoins continue to gain momentum in the short term:
- Bitcoin is facing resistance near the $63,500 and $64,250 levels.
- Price is currently trading well above $62,500 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $62,500 on the hourly chart of the BTC/USD pair (data from Kraken).
- 62. If there is a downside break below the $500 support, the pair could correct further.
Bitcoin Gains Speed
Bitcoin price even climbed above the $64,000 level but there was no proper close. A top was formed near $64.327 and the price is now correcting higher. The price traded below the $64,000 and $63,500 support levels. 23% of the surge from $59,450 to $64,327. There was a break below the 6 Fib retracement level.
BTC is currently finding bids near the $63,000 support zone. There is also a key bullish trend line forming with support near $62,500 on the hourly chart of the BTC/USD pair. An immediate resistance on the upside is near the $63.650 level. The first major resistance is near the $63,800 level.
64. $ 000 Matters
The main resistance is still near the $64,000 and $64,250 levels. A clear break above the $64,000 resistance could likely open the doors for a fresh rally. The next major resistance is sitting near the $65,500 level.
Will Bitcoin Drop?
According to Jindal, if Bitcoin fails to break past the $64,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $62,800 level. The first major support is now formed near the $62,500 level. A break below the $62.500 support and trendline could push the price down further. The next key support is near the $61,800 level and the 100 hourly SMA. It is also close to the 50% Fib retracement level of the upward wave from the $59.450 high to $64,327 high.
What Do Technical Indicators Say?
- Hourly MACD – The MACD is slowly losing momentum in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
- Main Support Levels – 62.500 then $61.800
- Main Resistance Levels – $63.650, $64.000 and $64.250