Bitcoin worth is gaining momentum above the $62,000 resistance. BTC is signaling an upside break and would possibly surge towards the $65,000 resistance.
- Bitcoin worth is shifting greater from the $61,200 help zone.
- The worth is buying and selling above $62,500 and the 100 hourly Simple shifting common.
- There was a break above a key bearish development line with resistance at $62,300 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may speed up greater towards the $65,000 resistance and even $65,730.
Bitcoin Price Regains Strength
Bitcoin worth remained well-bid above the $60,000 help zone. A base was fashioned, and the value began a fresh increase above the $62,000 resistance.
There was a break above a key bearish development line with resistance at $62,300 on the hourly chart of the BTC/USD pair. The pair even cleared the 76.4% Fib retracement degree of the downward transfer from the $63,583 swing excessive to the $60,108 low.
Bitcoin is now buying and selling above $62,500 and the 100 hourly Simple shifting common. Immediate resistance is close to the $63,800 degree. The subsequent key resistance may very well be $64,500, above which the value may rise towards the $65,000 resistance zone.
Source: BTCUSD on TradingView.com
If the bulls stay in motion, the value may even surpass $65,000 and take a look at $65,500. Any extra good points would possibly ship the value towards the 1.618 Fib extension degree of the downward transfer from the $63,583 swing excessive to the $60,108 low at $65,730.
Are Dips Supported In BTC?
If Bitcoin fails to rise above the $64,000 resistance zone, it may begin one other draw back correction. Immediate help on the draw back is close to the $62,750 degree.
The first main help is $62,250 or the 100 hourly SMA. If there’s a shut beneath $62,250, the value may begin a good pullback towards the $61,000 zone. Any extra losses would possibly ship the value towards the $60,000 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 – $62,750, adopted by $62,250.
Major Resistance Levels – $63,800, $65,000, and $65,730.
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