Bitcoin worth recovered above the $62,000 resistance zone. BTC should clear the $62,500 resistance zone to proceed greater in the close to time period.
- Bitcoin began a restoration wave above the $61,500 and $62,000 ranges.
- The worth is buying and selling beneath $63,000 and the 100 hourly Simple transferring common.
- There is a key bearish pattern line forming with resistance at $62,500 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair would possibly battle to rise above the $62,500 and $63,000 resistance ranges.
Bitcoin Price Faces Resistance
Bitcoin worth prolonged losses beneath the $60,000 support zone. BTC even examined the $58,500 help zone, the place the bulls emerged. A low was shaped at $58,448 and the worth is now correcting losses. There was a good improve above the $60,000 degree.
The worth climbed above the 50% Fib retracement degree of the downward wave from the $64,460 swing excessive to the $58,448 low. It even moved above the $62,000 pivot degree. However, Bitcoin worth remains to be buying and selling beneath $63,000 and the 100 hourly Simple transferring common.
The worth appears to be dealing with a rejection zone close to the $62,500 resistance, as mentioned yesterday. There can be a key bearish pattern line forming with resistance at $62,500 on the hourly chart of the BTC/USD pair. It is near the 61.8% Fib retracement degree of the downward wave from the $64,460 swing excessive to the $58,448 low.
The subsequent key resistance might be $63,000. A transparent transfer above the $63,000 resistance would possibly begin a gentle improve and ship the worth greater. In the acknowledged case, the worth may rise and check the $63,500 resistance. Any extra beneficial properties would possibly ship BTC towards the $65,000 resistance in the close to time period.
Another Decline In BTC?
If Bitcoin fails to climb above the $62,500 resistance zone, it may begin one other decline. Immediate help on the draw back is close to the $60,500 degree.
The first main help is $60,000. The subsequent help is now forming close to $59,500. Any extra losses would possibly ship the worth towards the $58,500 help zone in the close to time period.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 degree.
Major Support Levels – $60,500, adopted by $60,000.
Major Resistance Levels – $62,500, and $63,000.
