Bitcoin price failed to stay above the $62,000 support against the US Dollar. BTC could decline heavily if it breaks the $60,000 support zone in the near term.<\/p>\n
Bitcoin price attempted an upside break above the $62,500 resistance level. However, BTC failed to gain strength above $62,500. A high was formed near $62,950 and started a fresh decline.<\/p>\n
There was a clear break below the $61,200 and $61,000 support levels. There was also a break below a key bullish trend line with support near $61,500 on the hourly chart of the BTC\/USD pair. It is now trading below $62,000 and the 100 hourly simple moving average.<\/p>\n
The pair even spiked below the 50% Fib retracement level of the upward move from the $58,140 swing low to $62,950 high. On the upside, an immediate resistance is near the $61,000 level.<\/p>\n<\/p>\n
The first major resistance is near the $61,200 level and the 100 hourly SMA. A clear break above $61,200 resistance may possibly call open the doors for a move towards the $62,000 level. The next major resistance sits near the $62,500 level. A close above $62,500 might start a steady increase.<\/p>\n
If bitcoin fails to clear the $62,000 resistance zone, it could extend its decline. An immediate support on the downside is near the $60,200 level. The first major support is now forming near the $60,000 level.<\/p>\n
It is near the 61.8% Fib retracement level of the upward move from the $58,140 swing low to $62,950 high. A break below the $60,000 support may possibly spark a sharp decline. The next key support is near the $58,500 level. Any more losses might call for a move towards the $55,000 level.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD The MACD is slowly gaining pace in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) The RSI for BTC\/USD is now below the 50 level.<\/p>\n
Major Support Levels $60,200, followed by $60,000.<\/p>\n
Major Resistance Levels $61,200, $62,000 and $62,500.<\/p>\n
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View original post here: Bitcoin price failed to stay above the $62,000 support against the US Dollar. BTC could decline heavily if it breaks the $60,000 support zone in the near term. Bitcoin price attempted an upside break above the $62,500 resistance level Continue reading
\nBitcoin Price Dips, Why BTC Could Dive Below $60K - NewsBTC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"