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Cryptocurrency News Articles
Bitcoin Price Starts Consolidation Phase After Testing $66.5K Support Zone
Oct 23, 2024 at 10:55 am
Bitcoin price struggled to continue higher toward the $70,000 level and started a downside correction. There was a move below the $68,500 and $67,500 levels.
After struggling to continue higher toward the $70,000 level, Bitcoin price started a downside correction. There was a move below the $68,500 and $67,500 levels. The price even tested the $66,500 support zone. A low was formed at $66,564 and the price is now consolidating losses. There was a minor increase above the $66,850 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $69,427 swing high to the $66,564 low.
Bitcoin price is now trading below $67,500 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $67,100 level. There is also a short-term contracting triangle forming with support at $67,100 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $68,000 level or the 50% Fib retracement level of the downward move from the $69,427 swing high to the $66,564 low. A clear move above the $68,000 resistance might send the price higher. The next key resistance could be $68,500.
A close above the $68,500 resistance might initiate more gains. In the stated case, the price could rise and test the $69,200 resistance level. Any more gains might send the price toward the $70,000 resistance level.
Another Decline In BTC?
If Bitcoin fails to rise above the $67,100 resistance zone, it could start another decline. Immediate support on the downside is near the $66,800 level. The first major support is near the $66,500 level. The next support is now near the $66,200 zone. Any more losses might send the price toward the $65,500 support in the near term.
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 – $66,800, followed by $66,500.
Major Resistance Levels – $67,100, and $68,000.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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