Bitcoin failed to maintain its position above the $ 62,000 level; Now, a sharp fall is possible if the $ 60,000 psychological support collapses shortly.
Bitcoin scored an attempt to climb above the resistance of $ 62,500; However, it was not able to overcome this range and fell to the peak of $ 62,950.
Following that, the resistance level of $ 61,200 collapsed. In the BTC / USD hourly chart, the uptrend line was also broken with support at around $ 61,500. At present, BTC is trading below the $ 62,000 price level and the 100-hour moving average.
In the meantime, even the 50% Fibonacci retracement level has gone up from the $ 58,140 floor to the $ 62,950 ceiling. In this position, the nearest resistance level is upstream, around $ 61,000.
Significantly higher resistance is expected in the $ 61,200 range and moving average; Crossing it will probably be the beginning of an uptrend to the $ 62,000 range. The next significant resistance is around $ 62,500, which will be a solid bullish move.
But if Bitcoin (#BTC) cannot overcome the resistance of the $ 62,000 range, it is possible to resume the fall. In this case, the nearest downstream support level is around $ 60,200. The next significant support is the $ 60,000 psychological range.
The Fibonacci level of 61.8% has doubled its importance by being in this range. The collapse of this support level will lead to a sharp fall. In this case, $ 58,500 support is key. A drop above this will send Bitcoin to the $ 55,000 range.
Bitcoin scored an attempt to climb above the resistance of $ 62,500; However, it was not able to overcome this range and fell to the peak of $ 62,950.
Following that, the resistance level of $ 61,200 collapsed. In the BTC / USD hourly chart, the uptrend line was also broken with support at around $ 61,500. At present, BTC is trading below the $ 62,000 price level and the 100-hour moving average.
In the meantime, even the 50% Fibonacci retracement level has gone up from the $ 58,140 floor to the $ 62,950 ceiling. In this position, the nearest resistance level is upstream, around $ 61,000.
Significantly higher resistance is expected in the $ 61,200 range and moving average; Crossing it will probably be the beginning of an uptrend to the $ 62,000 range. The next significant resistance is around $ 62,500, which will be a solid bullish move.
But if Bitcoin (#BTC) cannot overcome the resistance of the $ 62,000 range, it is possible to resume the fall. In this case, the nearest downstream support level is around $ 60,200. The next significant support is the $ 60,000 psychological range.
The Fibonacci level of 61.8% has doubled its importance by being in this range. The collapse of this support level will lead to a sharp fall. In this case, $ 58,500 support is key. A drop above this will send Bitcoin to the $ 55,000 range.
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