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Bitcoin Price Takes Another Tumble—Is The Floor About to Crack?

Source Newsbtc

Bitcoin price started a fresh decline below the $78,000 zone. BTC is now consolidating losses and might face resistance near the $77,800 zone.

Bitcoin started a fresh decline below the $78,000 zone.
The price is trading below $78,500 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $79,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it clears the $78,500 zone.

Bitcoin Price Dips Again

Bitcoin price started a fresh decline below the $80,000 and $79,500 levels. BTC traded below the $78,500 and $77,000 levels to enter a bearish zone.

The price even dived below the $75,000 support zone. A low was formed at $74,475 and the price started a recovery wave. There was a move above the $75,500 level. The price climbed above the 23.6% Fib retracement level of the recent decline from the $80,800 swing high to the $74,475 low.

Bitcoin price is now trading below $78,200 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $77,800 level or the 50% Fib retracement level of the recent decline from the $80,800 swing high to the $74,475 low.

The first key resistance is near the $78,500 level. The next key resistance could be $79,500. There is also a connecting bearish trend line forming with resistance at $79,500 on the hourly chart of the BTC/USD pair.

A close above the $79,500 resistance might send the price further higher. In the stated case, the price could rise and test the $81,500 resistance level. Any more gains might send the price toward the $82,000 level.

Another Decline In BTC?

If Bitcoin fails to rise above the $78,500 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $75,750 level. The first major support is near the $74,750 level.

The next support is now near the $73,500 zone. Any more losses might send the price toward the $72,000 support in the near term. The main support sits at $70,000.

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 – $75,750, followed by $74,750.

Major Resistance Levels – $78,500 and $79,500.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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