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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Extends Correction, Why The Bulls Might Take Back Step

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin price started a downside correction below $66,000 against the US Dollar. BTC might extend its downside correction towards $62,000 in the near term.

  • Bitcoin started a downside correction below the $66,000 and $65,000 levels.
  • The price is now trading below $65,000 and the 100 hourly simple moving average.
  • There was a break below a major bullish trend line with support near $66,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move down towards the $62,000 support.

Bitcoin Price Corrects Lower

Bitcoin price failed to gain pace above the $66,000 resistance zone. As a result, BTC saw a bearish reaction below the $65,500 support level.

There was a clear break below the $65,000 support and the 100 hourly simple moving average. Besides, there was a break below a major bullish trend line with support near $66,500 on the hourly chart of the BTC/USD pair.

The pair gained pace below the $65,000 support and the price dropped towards $63,000. A low is formed near $62,700 and the price is now consolidating losses. There was a recovery wave above the 23.6% Fib retracement level of the recent decline from the $68,991 swing high to $62,700 low.

On the upside, an immediate resistance is near the $64,800 level. The first major resistance is near the $65,000 level and the 100 hourly SMA. The main resistance is now forming near the $65,800 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

It is close to the 50% Fib retracement level of the recent decline from the $68,991 swing high to $62,700 low. A clear break above $65,800 resistance may possibly call open the doors for a fresh increase. The next major resistance sits near the $67,500 level.

More Losses in BTC?

If bitcoin fails to clear the $65,000 resistance zone, it could extend its downside correction. An immediate support on the downside is near the $63,500 level.

The first major support is now forming near the $63,000 level. The next major support is near the $62,500 level, below which the price could even struggle to stay above the $62,000 support zone.

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 – $63,500, followed by $62,500.

Major Resistance Levels – $65,000, $65,800 and $66,500.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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