Bitcoin worth remained beneath the $68,500 resistance zone. BTC is consolidating its features and would possibly purpose for a contemporary upward transfer in the close to time period.
- Bitcoin began a consolidation section beneath the $68,500 resistance zone.
- The worth is buying and selling above $66,800 and the 100 hourly Simple shifting common.
- There is a key bullish development line forming with help at $62,200 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair would possibly prolong features and commerce above the $68,500 resistance zone.
Bitcoin Price Holds Gains Above $67K
Bitcoin worth prolonged its improve above the $66,500 and $67,000 resistance levels. BTC even spiked above the $68,000 stage earlier than the bears appeared. It looks like the bears are energetic close to the $68,500 stage.
The current excessive was shaped close to $68,240 and the worth is slowly shifting decrease. There was a transfer beneath the $67,500 stage. The worth dipped beneath the 50% Fib retracement stage of the upward transfer from the $66,600 swing low to the $68,240 excessive.
Bitcoin worth is now buying and selling above $66,800 and the 100 hourly Simple moving average. There can also be a key bullish development line forming with help at $62,200 on the hourly chart of the BTC/USD pair. The development line is near the 61.8% Fib retracement stage of the upward transfer from the $66,600 swing low to the $68,240 excessive.
If there’s a contemporary improve, the worth may face resistance close to the $68,250 stage. The first key resistance is close to the $68,500 stage. A transparent transfer above the $68,500 resistance would possibly spark one other improve in the coming classes.
The subsequent key resistance could possibly be $68,800. The subsequent main hurdle sits at $69,200. A detailed above the $69,200 resistance would possibly push the worth additional greater. In the acknowledged case, the worth may rise and take a look at the $70,000 resistance.
Are Dips Supported In BTC?
If Bitcoin fails to climb above the $68,250 resistance zone, it may begin a draw back correction. Immediate help on the draw back is close to the $67,200 stage.
The first main help is $66,600. The subsequent help is now close to $66,000. Any extra losses would possibly ship the worth towards the $65,500 help zone in the close to time period.
Technical indicators:
Hourly MACD – The MACD is now dropping tempo in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.
Major Support Levels – $67,200, adopted by $66,600.
Major Resistance Levels – $68,200, and $68,500.
