Bitcoin worth is holding positive factors above the $69,200 zone. BTC may acquire bullish momentum if it clears the $70,800 and $71,250 resistance ranges.
- Bitcoin is making an attempt one other enhance above the $70,000 zone.
- The worth is buying and selling above $70,000 and the 100 hourly Simple transferring common.
- There is a connecting bearish development line forming with resistance at $70,800 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may acquire bullish momentum if it clears the $71,250 resistance zone.
Bitcoin Price Eyes Another Increase
Bitcoin worth tried more gains above the $70,500 degree. However, BTC struggled to realize tempo for a transfer above the $71,200 and $71,400 ranges.
A excessive was shaped at $71,250 earlier than there was a draw back correction. There was a transfer under the $70,500 degree. The worth dipped under the 23.6% Fib retracement degree of the upward transfer from the $67,500 swing low to the $71,250 excessive.
However, the bulls are energetic above the $69,200 degree. It is near the 50% Fib retracement degree of the upward transfer from the $67,500 swing low to the $71,250 excessive.
Bitcoin is now buying and selling above $70,000 and the 100 hourly Simple moving average. Immediate resistance is close to the $70,800 degree. There can also be a connecting bearish development line forming with resistance at $70,800 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The first main resistance might be $71,250. The subsequent resistance now sits at $71,400. If there’s a clear transfer above the $71,400 resistance zone, the worth may proceed to maneuver up. In the said case, the worth may rise towards $72,600. The subsequent main resistance is close to the $73,500 zone. Any extra positive factors would possibly ship Bitcoin towards the $75,000 resistance zone within the close to time period.
Another Decline In BTC?
If Bitcoin fails to rise above the $71,250 resistance zone, it may begin one other decline. Immediate assist on the draw back is close to the $70,400 degree and the 100 hourly SMA.
The first main assist is $69,350. If there’s a shut under $69,350, the worth may begin a drop towards the $68,500 degree. Any extra losses would possibly ship the worth towards the $67,500 assist zone within the close to time period.
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 – $70,400, adopted by $69,350.
Major Resistance Levels – $70,800, $71,250, and $72,600.
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