TA: Bitcoin Retreats Lower, Why There Is Risk of Sharp Decline
October 21 2021 - 11:08PM
NEWSBTC
Bitcoin price traded to a new all-time high above $66,800 before
correcting lower against the US Dollar. BTC traded below $63,000
and it remains at a risk of more downsides. Bitcoin rallied above
the $65,000 and $66,000 resistance levels before correcting lower.
The price is now trading below $63,000 and the 100 hourly simple
moving average. There was a break below a major bullish trend line
with support near $63,200 on the hourly chart of the BTC/USD pair
(data feed from Kraken). The pair could accelerate lower if it
remains below the $64,000 pivot level. Bitcoin Price Corrects Lower
Bitcoin price extended its increase above the $65,000 resistance
zone. BTC even broke $66,000 and traded to a new all-time high near
$66,982. Recently, there was a downside correction below the
$65,000 support level. There was also a break below a major bullish
trend line with support near $63,200 on the hourly chart of the
BTC/USD pair. The pair is now trading below $63,000 and the 100
hourly simple moving average. A low is formed near $62,050 and it
is now consolidating losses. An immediate resistance is near the
$63,200 level. It is near the 23.6% Fib retracement level of the
downward move from the $66,982 swing high to $62,050 low. The 100
hourly SMA is also positioned just above the $63,200 level. A clear
break above the $63,200 resistance could open the doors for a fresh
increase. The next major resistance sits near the $64,500 level,
above which the price might rise towards the $66,000 level. Source:
BTCUSD on TradingView.com The $64,500 resistance is close to the
50% Fib retracement level of the downward move from the $66,982
swing high to $62,050 low. Any more gains may possibly call for a
new all-time high above the $67,000 level in the near term. More
Losses In BTC? If bitcoin fails to clear the $63,200 resistance
zone, it could extend its downside correction. An immediate support
on the downside is near the $62,200 level. The first major support
is now forming near the $62,000 level. A break below the $62,000
support may possibly push the price towards the $60,000 support
zone. 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
– $62,200, followed by $62,000. Major Resistance Levels – $63,200,
$64,500 and $66,000.
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