Bitcoin value gained tempo above the $62,500 resistance. BTC even cleared the $63,200 degree and is now consolidating positive aspects above $63,500.
- Bitcoin is gaining tempo above the $63,200 resistance zone.
- The value is buying and selling above $63,400 and the 100 hourly Simple transferring common.
- There was a break above a connecting bearish development line with resistance at $63,220 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may prolong positive aspects if it stays above the $62,500 help zone.
Bitcoin Price Extend Gains Above $63,500
Bitcoin value prolonged its enhance above the $62,500 level. BTC was capable of clear the $62,800 and $63,200 resistance ranges to maneuver additional into a constructive zone.
There was additionally a break above a connecting bearish development line with resistance at $63,220 on the hourly chart of the BTC/USD pair. The bulls even pushed the worth above the $63,500 degree. A excessive was fashioned at $63,965 and the worth is now consolidating gains.
There was a minor transfer beneath the $63,750 degree. The value dipped and examined the 23.6% Fib retracement degree of the upward transfer from the $62,440 swing low to the $63,965 excessive.
Bitcoin is now buying and selling above $63,500 and the 100 hourly Simple transferring common. On the upside, the worth may face resistance close to the $63,950 degree. The first key resistance is close to the $64,200 degree. A transparent transfer above the $64,200 resistance may ship the worth increased.
The subsequent key resistance may very well be $65,000. An in depth above the $65,000 resistance may spark extra upsides. In the said case, the worth may rise and check the $65,500 resistance.
Are Dips Supported In BTC?
If Bitcoin fails to rise above the $63,950 resistance zone, it may begin a draw back correction. Immediate help on the draw back is close to the $63,500 degree.
The first main help is $63,200 and the 50% Fib retracement degree of the upward transfer from the $62,440 swing low to the $63,965 excessive. The subsequent help is now close to the $62,500 zone. Any extra losses may ship the worth towards the $61,500 help 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 – $63,500, adopted by $63,200.
Major Resistance Levels – $63,950, and $64,000.
