Bitcoin worth began a contemporary rally above the $65,500 resistance zone. BTC is now consolidating and would possibly clear the $68,000 resistance to proceed increased.
- Bitcoin is up over 7% and now reveals a lot of constructive indicators.
- The worth is buying and selling above $66,500 and the 100 hourly Simple shifting common.
- There is a connecting bullish development line forming with assist at $66,400 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair might rally additional if there may be a shut above the $68,000 resistance zone.
Bitcoin Price Surges Over 8%
Bitcoin worth remained supported and began a fresh increase above the $65,500 resistance. BTC cleared the $66,500 resistance to maneuver into a constructive zone. The worth even rallied above the $67,000 and $67,500 resistance ranges.
Recently, there was a draw back correction to $64,500. A low was shaped at $64,686 and the worth is once more rising. There was a transfer above the $66,500 resistance. The worth climbed above the 50% Fib retracement stage of the draw back correction from the $67,871 swing excessive to the $64,686 low.
Bitcoin worth is now buying and selling above $66,000 and the 100 hourly Simple moving average. There can be a connecting bullish development line forming with assist at $66,400 on the hourly chart of the BTC/USD pair.
On the upside, the worth might face resistance close to the $67,400 stage. The first key resistance is close to the $67,800 stage. A transparent transfer above the $67,800 resistance would possibly ship the worth increased. The subsequent key resistance might be $68,800.
An in depth above the $68,800 resistance would possibly provoke extra good points. In the said case, the worth might rise and take a look at the $69,500 resistance stage. Any extra good points would possibly ship the worth towards the $70,000 resistance stage.
Another Decline In BTC?
If Bitcoin fails to rise above the $67,800 resistance zone, it might begin one other decline. Immediate assist on the draw back is close to the $66,400 stage and the development line.
The first main assist is close to the $65,500 stage. The subsequent assist is now close to the $64,500 zone. Any extra losses would possibly ship the worth towards the $63,200 assist 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 – $66,400, adopted by $65,500.
Major Resistance Levels – $67,800, and $68,800.
