TA: Bitcoin Retreats Lower, Why There Is Risk of Sharp Decline

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,250,616,534,624	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,250,616,534,624

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	304.96	0.48%	63,716.28	63,713.55	63,713.56

Price Change

Price Change %

Current Price

Bid Price

Offer

304.96

0.48%

63,716.28

63,713.55

63,713.56

High Price	Low Price	Open Price	Prev. Close	52 Week Range
64,333.33	63,327.79	63,472.78	63,411.32	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

64,333.33

63,327.79

63,472.78

63,411.32

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	15:15:21	0.030000	63,713.56	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

15:15:21

0.030000

63,713.56

USD

Price x Volume	Volume	Base Symbol	Related Pairs
193,452,862.01	3,034.39	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

193,452,862.01

3,034.39

TA: Bitcoin Retreats Lower, Why There Is Risk of Sharp Decline

22/10/2021 4:08am

NEWSBTC

Bitcoin price traded to a new all-time high above $66,800 before correcting lower against the US Dollar. BTC traded below $63,000 and it remains at a risk of more downsides. Bitcoin rallied above the $65,000 and $66,000 resistance levels before correcting lower. The price is now trading below $63,000 and the 100 hourly simple moving average. There was a break below a major bullish trend line with support near $63,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could accelerate lower if it remains below the $64,000 pivot level. Bitcoin Price Corrects Lower Bitcoin price extended its increase above the $65,000 resistance zone. BTC even broke $66,000 and traded to a new all-time high near $66,982. Recently, there was a downside correction below the $65,000 support level. There was also a break below a major bullish trend line with support near $63,200 on the hourly chart of the BTC/USD pair. The pair is now trading below $63,000 and the 100 hourly simple moving average. A low is formed near $62,050 and it is now consolidating losses. An immediate resistance is near the $63,200 level. It is near the 23.6% Fib retracement level of the downward move from the $66,982 swing high to $62,050 low. The 100 hourly SMA is also positioned just above the $63,200 level. A clear break above the $63,200 resistance could open the doors for a fresh increase. The next major resistance sits near the $64,500 level, above which the price might rise towards the $66,000 level. Source: BTCUSD on TradingView.com The $64,500 resistance is close to the 50% Fib retracement level of the downward move from the $66,982 swing high to $62,050 low. Any more gains may possibly call for a new all-time high above the $67,000 level in the near term. More Losses In BTC? If bitcoin fails to clear the $63,200 resistance zone, it could extend its downside correction. An immediate support on the downside is near the $62,200 level. The first major support is now forming near the $62,000 level. A break below the $62,000 support may possibly push the price towards the $60,000 support zone. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $62,200, followed by $62,000. Major Resistance Levels – $63,200, $64,500 and $66,000.

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