Bitcoin prices have begun a new decline below the $78,000 zone. BTC is currently consolidating losses and could face resistance near the $77,800 zone.
- Bitcoin has begun a new decline below the $78,000 zone.
- The price is below $78,500 and trades a simple moving average of 100 hours.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), there is a bearish trend line connecting with resistance, with resistance formed at $79,500.
- Clearing the $78,500 zone could cause the pair to start another increase.
Bitcoin prices drop again
Bitcoin prices have begun a new decline below the $80,000 and $79,500 levels. BTC went below the $78,500 and $77,000 levels to enter the bear zone.
Prices are below the $75,000 support zone. The lows formed at $74,475, and prices began to recover. There was a move above the $75,500 level. Prices have risen beyond the 23.6% FIB retracement level of its recent decline from the recent $80,800 swing to the $74,475 low.
Bitcoin prices are currently below $78,200. Conversely, immediate resistance is close to the $77,800 level or 50% FIB retracement level, from the recent $80,800 swing high to the $74,475 low.
The first important resistance is close to the $78,500 level. The next important resistance is $79,500. There is also a bearish trend line connecting with resistance formed at $79,500 on the hourly chart of the BTC/USD pair.
Over $79,500 resistance could lead to even higher prices. If stated, the price could rise and test resistance levels of $81,500. Any further profit could potentially send the price towards the $82,000 level.
Another reduction in BTC?
If Bitcoin cannot rise above the $78,500 resistance zone, it could begin a new decline. Instant support on the downside is close to the $75,750 level. The first major support is close to the $74,750 level.
The following support is located near the $73,500 zone: Any further losses could send the price to $72,000 in the short term. The main support is $70,000.
Technical indicators:
HOURLY MACD – MACD is currently increasing its pace in the bear zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is below 50 level.
Key support levels – $75,750, then $74,750.
Major resistance levels – $78,500 and $79,500.
