BTC/USD extends steep fall below psychological 70K support
|BTC/USD extends steep fall into second straight day, as bears accelerated after emerging below thick daily cloud on Monday (cloud base contained four consecutive attacks before break) to hit the lowest levels in nearly two months.
Fresh weakness broke psychological 70K support as well as Fibo level at 69151 (76.4% of 64929/82463 rally), with close below these levels to generate strong bearish signal for further drop.
Daily MAs turned into full bearish configuration (following Monday break of 100DMA) and formed several bear-crosses that contribute to weakening near-term structure, as negative momentum continues to strengthen.
Bears eye key short-term supports at 65500 and 65000 zone (lows of late March / early April), but oversold daily studies suggest that downtrend is likely to pause for consolidation before resuming.
Broken 70K level reverted to initial resistance which should ideally cap, with broken 100DMA (73252) and cloud base (73875) expected to limit extended upticks and keep larger bears in play.
Res: 69151; 70000; 73252; 73875
Sup: 67000; 66260; 65500; 65000
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.