Bitcoin price started a downward correction from the $82,000 area. BTC is consolidating and may aim for a new rally if it crosses $82,000.
- Bitcoin failed to stay above $81,500 and losses continued.
- The price is trading above $80,500 and the 100 hourly simple moving average.
- There is a major contracting triangle forming with support at $80,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may extend losses if it remains below the $81,800 and $82,000 levels.
Bitcoin price fell again
Bitcoin price failed to clear $82,000 resistance area. BTC started a downward correction below the $81,500 and $81,200 levels to enter a short-term bearish zone.
There was a move below the 50% Fib retracement level of the upward move from the swing low at $80,421 to the swing high at $82,100. However, the bulls were active above $80,500. There is also a major contracting triangle forming with support at $80,800 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading at over $80,500 USD 100 hourly simple moving average. If the price remains stable above $80,500, it may attempt a new increase. Immediate resistance is located near the $81,500 level.
The first major resistance is located near the $81,800 level. A close above the $81,800 resistance level could send the price rising further. In the mentioned case, the price may rise and test the $82,250 resistance level. Any further gains could send the price towards the $82,500 level. The next barrier for the bulls could be $83,500.
Downside extension in BTC?
If Bitcoin fails to rise above the $81,800 resistance area, it could start another decline. Immediate support is near the $80,800 level or the 76.4% Fib retracement level of the upward move from the $80,421 swing low to the $82,100 swing high.
The first major support is near the $80,400 level. The next support is now near the $79,400 area. Any further losses could send the price towards the $79,000 support level in the near term. Key support now lies at $78,500, below which BTC may have difficulty recovering in the near term.
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.
Key Support Levels – $80,800, followed by $80,400.
Key resistance levels – $81,800 and $82,000.
