Bitcoin price started to drop again from the $79,500 zone. BTC is consolidating and may struggle to stay above the $76,500 support.
- Bitcoin failed to stay above $78,500 and control the gains.
- The price is trading below $78,000 with 100 one hour easy moves.
- There is a bearish connecting line forming resistance at $77,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair can extend losses if it stays below the $77,600 and $78,000 levels.
The price of Bitcoin has risen again
The price of Bitcoin has failed to stay above $78,500 zoning. BTC made a top near $79,500 and started a new low. There was a move below the $78,000 level.
The price dropped below the $77,500 and $77,000 levels. The low was made at $76,480 and the price now includes losses. There was a small increase above the 23.6% Fib retracement level of the downside from the $79,481 swing up to the $76,480 low.
Bitcoin is now trading below $78,000 and 100 hour simple moving average. If the price remains stable above $76,500, it may test a new rally. The resistance is near the $77,300 level.
The first important resistance is near the $77,600 level. There is also a bearish connecting line forming resistance at $77,600 on the BTC/USD hourly chart. A close above the $77,600 resistance could send the price higher.
In the said case, the price may rise and test the resistance of $78,000 and the 50% Fib retracement level of the downward move from the $79,481 swing high to the $76,480 low. Any further gains could send the price to the $78,500 level. The bull’s next barrier could be $78,800.
Continued Below BTC?
If Bitcoin fails to rise above the $77,600 resistance zone, it may start another decline. Immediate support is near the $76,750 level.
The first major support is near the $76,500 level. The next support is now near the $75,500 zone. Any further damage could send the price to the $74,200 support soon. Major support now sits at $73,500, below which BTC may struggle to recover soon.
Technical specifications:
Hourly MACD – MACD is now moving into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI of BTC/USD is now below the 50 level.
Major Contributions – $76,500, followed by $75,500.
Main Objection Values - $77,600 and $78,000.
