Bitcoin worth began a contemporary enhance above the $62,000 zone. BTC is gaining tempo and may goal for extra positive factors above the $63,500 zone.
- Bitcoin is eyeing a contemporary enhance above the $63,500 zone.
- The worth is buying and selling above $63,250 and the 100 hourly Simple transferring common.
- There is a connecting bullish pattern line forming with help at $62,900 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may proceed to rise if it clears the $64,200 resistance zone.
Bitcoin Price Regains Traction
Bitcoin worth shaped a help base above the $60,000 zone. BTC began a contemporary enhance above the $61,200 and $62,000 resistance ranges. The bulls even pumped the worth above the $63,000 resistance.
It traded as excessive as $63,949 and the worth is now consolidating positive factors. It looks as if the worth is displaying indicators of a contemporary rally above $63,500. BTC is above the 23.6% Fib retracement stage of the upward transfer from the $62,324 swing low to the $63,949 excessive.
Bitcoin worth is now buying and selling above $63,250 and the 100 hourly Simple moving average. There can be a connecting bullish pattern line forming with help at $62,900 on the hourly chart of the BTC/USD pair.
On the upside, the worth may face resistance close to the $64,000 stage. The first key resistance is close to the $64,200 stage. A transparent transfer above the $64,200 resistance may ship the worth larger. The subsequent key resistance could possibly be $65,000.
An in depth above the $65,000 resistance may provoke extra positive factors. In the said case, the worth may rise and check the $65,500 resistance stage. Any extra positive factors may ship the worth towards the $66,500 resistance stage.
Are Dips Supported In BTC?
If Bitcoin fails to rise above the $64,000 resistance zone, it may begin one other decline. Immediate help on the draw back is close to the $63,500 stage.
The first main help is close to the $63,000 stage or the 50% Fib retracement stage of the upward transfer from the $62,324 swing low to the $63,949 excessive or the pattern line. The subsequent help is now close to the $62,500 zone. Any extra losses may ship the worth towards the $61,800 help 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 stage.
Major Support Levels – $63,500, adopted by $63,000.
Major Resistance Levels – $64,000, and $64,200.
