Bitcoin worth rallied additional above $62,000. BTC is now consolidating good points and would possibly quickly try one other upward transfer towards the $64,000 resistance.
- Bitcoin worth is consolidating good points under the $60,000 resistance zone.
- The worth is buying and selling above $60,500 and the 100 hourly Simple shifting common.
- There is a connecting bullish pattern line forming with help at $60,950 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might prolong its present rally towards the $64,000 resistance zone.
Bitcoin Price Jumps Over $5K
Bitcoin worth remained robust above the $58,000 resistance zone. BTC shaped a contemporary help base and began one other rally. It gained over 10% and broke many hurdles close to $60,000 and $62,000.
The worth even surged towards the $64,000 degree. A brand new multi-week high was shaped close to $64,000 earlier than there was a pointy decline after the Coinbase outage. The worth dived towards the $58,000 help zone. A low was shaped close to $57,919 and the value began a contemporary rally.
It is again above the $60,000 resistance. There was a transfer above the 50% Fib retracement degree of the downward transfer from the $64,000 swing excessive to the $57,919 low.
Bitcoin is now buying and selling above $60,000 and the 100 hourly Simple shifting common. There can be a connecting bullish pattern line forming with help at $60,950 on the hourly chart of the BTC/USD pair. Immediate resistance is close to the $62,500 degree. It is close to the 76.4% Fib retracement degree of the downward transfer from the $64,000 swing excessive to the $57,919 low.
Source: BTCUSD on TradingView.com
The subsequent key resistance may very well be $64,000, above which the value might rise towards the $65,000 resistance zone. If the bulls stay in motion, the value might even surpass $65,000 and check $66,400. The essential hurdle for them is seen close to the $68,000 zone.
Are Dips Supported In BTC?
If Bitcoin fails to rise above the $62,500 resistance zone, it might begin a draw back correction. Immediate help on the draw back is close to the $60,800 degree and the pattern line.
The first main help is $60,000. If there’s a shut under $60,000, the value might begin an honest pullback towards the $58,000 zone. Any extra losses would possibly ship the value towards the $56,500 help zone.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 degree.
Major Support Levels – $60,800, adopted by $60,000.
Major Resistance Levels – $62,500, $64,000, and $65,000.
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