Saturday, May 18

Bitcoin Price Fails Again, Is This A Fresh Bearish Signal?

Bitcoin rate stopped working to settle above the $72,000 resistance. BTC remedied gains and now moving lower towards the $67,500 assistance zone.

  • Bitcoin had a hard time to clear the $72,000 and $72,500 resistance levels.
  • The cost is trading listed below $70,000 and the 100 per hour Simple moving average.
  • There was a break listed below a significant bullish pattern line with assistance near $70,400 on the per hour chart of the BTC/USD set (information feed from Kraken).
  • The set might continue to move down if it breaks the $68,500 assistance level.

Bitcoin Price Trims Gains

Bitcoin rate saw a good boost above the $70,000 resistance zone. BTC even cleared the $71,200 and $72,000 resistance levels, however benefits were restricted.

The bears appeared near the $72,500 zone. A high was formed near the $72,609 level and the rate had a hard time to settle above the $72,000 level. There was a fresh bearish response listed below the $71,200 level. The rate decreased listed below the 50% Fib retracement level of the upward relocation from the $68,955 swing low to the $72,609 high.

There was a break listed below a significant bullish pattern line with assistance near $70,400 on the per hour chart of the BTC/USD set. Bitcoin is now trading listed below $70,000 and the 100 per hour Simple moving average.

The bulls are now securing the $68,500 assistance and the 61.8% Fib retracement level of the upward relocation from the $68,955 swing low to the $72,609 high. Immediate resistance is near the $69,500 level and the 100 per hour Simple moving average.

The very first significant resistance might be $70,000. The next resistance now sits at $71,200. If there is a clear relocation above the $71,200 resistance zone, the rate might begin a fresh boost.

Source: BTCUSD on TradingView.com

In the mentioned case, the rate might increase towards $72,000. The next significant resistance is near the $72,500 zone. Anymore gains may send out Bitcoin towards the $73,500 resistance zone in the near term.

More Downsides In BTC?

If Bitcoin stops working to increase above the $70,000 resistance zone, it might continue to move down. Immediate assistance on the drawback is near the $68,500 level.

The very first significant assistance is $67,500. If there is a close listed below $67,500, the rate might begin a drop towards the $66,000 level. Anymore losses may send out the cost towards the $65,000 assistance zone in the near term.

Technical indications:

Per hour MACD– The MACD is now acquiring rate in the bearish zone.

Per Hour RSI (Relative Strength Index)– The RSI for BTC/USD is now listed below the 50 level.

Significant Support Levels– $68,500, followed by $67,500.

Significant Resistance Levels– $69,500, $70,000, and $71,200.

Disclaimer: The short article is offered instructional functions just. It does not represent the viewpoints of NewsBTC on whether to purchase, offer or hold any financial investments and naturally investing brings threats.

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