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Bitcoin price is consolidating above the $64,000 level. BTC could try to follow Ethereum and recover if it can clear the $65,650 resistance area.
- Bitcoin started a slight recovery wave above the $65,000 level.
- The price is trading below the $65,500 level and the 100 hourly simple moving average.
- There is a short-term contracting triangle forming with resistance at $65,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a recovery wave if it crosses the $65,400 and $65,650 resistance levels.
Bitcoin price is facing resistance
Bitcoin price continued its losses and traded below the level $65,000 level. BTC even tested the $64,000 area. The low was formed at $64,050 and the price is now correcting losses.
There was a slight recovery above the $64,500 level. The price rose above the 23.6% Fibonacci retracement level of the recent decline from the high of $67,255 to the low of $64,050. However, the bears are still active near the $65,500 area.
Bitcoin is now trading at just under $65,500 100 hourly simple moving average. There is also a short-term contracting triangle forming with resistance at $65,400 on the hourly chart of the BTC/USD pair.
On the upside, the price is facing resistance near the $65,400 level and the triangle trend line. The first major resistance could be $65,650 or the 50% Fib retracement level of the recent decline from the high of $67,255 to the low of $64,050. The next major resistance could be $66,000.
A clear move above the $66,000 resistance could lead to a steady increase and push the price higher. In the mentioned case, the price may rise and test the resistance level of $66,550. Any further gains could send BTC towards the $67,500 resistance level in the near term.
Another drop in BTC?
If Bitcoin fails to rise above the $65,650 resistance area, it could start another decline. Immediate support on the downside is near the $64,850 level.
The first major support is $64,400. The next support is now forming near $64,000. Any further losses could send the price towards the $63,200 support area in the near term.
Technical indicators:
Hourly MACD – The MACD indicator is now losing speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key Support Levels – $64,400, followed by $64,000.
Major resistance levels – $65,400 and $65,650.
