CandleFocus Bitcoin Price Pauses In Consolidation: Aiming for New Gains
2024-10-23
Author: Content Editor
Bitcoin price experienced a downward correction and tested the $66,500 support zone after struggling to surpass $70,000. The price is now consolidating and could potentially increase above $67,800. However, it is currently trading below $67,500 and the 100 hourly simple moving average. A resistance level near $67,100 and a short-term contracting triangle are forming on the hourly chart. If the price breaks above the $68,000 resistance, it may continue to rise and test the $69,200 and $70,000 resistance levels. On the other hand, if it fails to surpass the $67,100 resistance, it could initiate another decline with immediate support near $66,800. The next major support levels are $66,500, $66,200, and $65,500. The hourly MACD is in a bearish zone, and the RSI for BTC/USD is below the 50 level.
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