Hafez Financial Services

logo-hafez04@2x

Bitcoin Consolidates Losses, Why Recovery Could Fade Near $62.5K?

Uncategorized

Bitcoin price started an upside correction above $60,000 against the US Dollar. BTC could recover further, but the bears might remain active near $62,500.

Bitcoin is still trading well below the $62,000 and $62,500 resistance levels.

The price is now trading below $62,000 and the 100 hourly simple moving average.

There is a major bearish trend line with resistance near $60,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could recover towards $62,500, where the bears might take a stand.

Bitcoin price extended decline below the $62,000 support zone. BTC even traded below the $60,000 support level and settled below the 100 hourly simple moving average.
Finally, the price traded as low as $58,630 and is now consolidating losses. There was a minor recovery wave above the $59,500 and $60,000 levels. There was a break above the 23.6% Fib retracement level of the main drop from the $66,350 swing high to $58,630 low.
On the upside, an immediate resistance is near the $60,700 level. There is also a major bearish trend line with resistance near $60,700 on the hourly chart of the BTC/USD pair.
A proper close above the $60,700 level could set the tone for a larger increase. The first major resistance is near the $62,500 level. It is close to the 50% Fib retracement level of the main drop from the $66,350 swing high to $58,630 low.

Leave a Reply