Bitcoin Price Flashes Downside Break: Will Bears Take Over?
September 15 2024 - 11:01PM
NEWSBTC
Bitcoin price failed to clear the $60,650 resistance. BTC is now
correcting gains and might decline toward the $57,500 support zone.
Bitcoin is correcting gains and trading well below the $60,000
level. The price is trading below $58,800 and the 100 hourly Simple
moving average. There was a break below a key bullish trend line
with support at $60,000 on the hourly chart of the BTC/USD pair
(data feed from Kraken). The pair could climb again if it stays
above the $57,500 support zone. Bitcoin Price Starts Downside
Correction Bitcoin price started a decent increase after it broke
the $58,500 resistance zone. BTC was able to climb above the
$59,500 resistance. The pair even cleared the $60,000 resistance
zone. However, the bears seem to be active near the $60,650
resistance zone. A high was formed at $60,638 and the price is now
correcting gains. There was a drop below the $59,500 level. The
price even dipped below the 23.6% Fib retracement level of the
upward move from the $55,548 swing low to the $60,638 high. There
was also a break below a key bullish trend line with support at
$60,000 on the hourly chart of the BTC/USD pair. Bitcoin is now
trading below $58,800 and the 100 hourly Simple moving average. On
the upside, the price could face resistance near the $59,200 level.
The first key resistance is near the $60,000 level. A clear move
above the $60,000 resistance might start a steady increase in the
coming sessions. The next key resistance could be $60,650. A close
above the $60,650 resistance might spark more upsides. In the
stated case, the price could rise and test the $62,000 resistance.
More Downsides In BTC? If Bitcoin fails to rise above the $59,200
resistance zone, it could continue to move down. Immediate support
on the downside is near the $58,000 level or the 50% Fib
retracement level of the upward move from the $55,548 swing low to
the $60,638 high. The first major support is $57,500. The next
support is now near the $56,750 zone. Any more losses might send
the price toward the $55,550 support 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 – $58,000,
followed by $57,500. Major Resistance Levels – $59,200, and
$60,000.
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