Bitcoin worth climbed larger above the $70,000 degree. BTC is now holding positive factors above help and would possibly goal for one more improve within the close to time period.
- Bitcoin prolonged its improve above the $70,000 zone.
- The worth is buying and selling above $69,000 and the 100 hourly Simple shifting common.
- There was a break above a key bearish development line with resistance at $69,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may begin one other improve except there’s a transfer beneath the $68,500 help.
Bitcoin Price Holds Support
Bitcoin worth began another increase from the $68,000 help zone. BTC cleared the $69,000 resistance to maneuver additional right into a constructive zone. There was a break above a key bearish development line with resistance at $69,000 on the hourly chart of the BTC/USD pair.
The pair even climbed above the $70,000 resistance zone. A excessive was shaped at $70,600 and the worth just lately corrected decrease. There was a transfer beneath the $70,000 degree. The worth declined beneath the 50% Fib retracement degree of the upward transfer from the $67,971 swing low to the $70,600 excessive.
However, the bulls are actually energetic close to the identical development line. They are defending the 61.8% Fib retracement degree of the upward transfer from the $67,971 swing low to the $70,600 excessive.
Bitcoin worth is now buying and selling above $69,000 and the 100 hourly Simple moving average. If there’s a recent improve, the worth would possibly face resistance close to the $70,000 degree. The first main resistance may very well be $70,600. The subsequent key resistance may very well be $71,200.
A transparent transfer above the $71,200 resistance would possibly ship the worth larger. In the said case, the worth may rise and check the $72,000 resistance. Any extra positive factors would possibly ship BTC towards the $73,200 resistance.
Another Drop In BTC?
If Bitcoin fails to climb above the $70,600 resistance zone, it may proceed to maneuver down. Immediate help on the draw back is close to the $69,000 degree.
The first main help is $68,500. The subsequent help is now forming close to $68,000. Any extra losses would possibly ship the worth towards the $66,500 help zone within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now dropping tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now close to the 50 degree.
Major Support Levels – $69,000, adopted by $68,500.
Major Resistance Levels – $70,000, and $70,600.
