Bitcoin worth climbed additional increased above the $67,500 resistance zone. BTC is now consolidating and may clear the $68,350 resistance to proceed increased.
- Bitcoin remained steady and prolonged good points above the $68,000 zone.
- The worth is buying and selling above $67,200 and the 100 hourly Simple transferring common.
- There is a connecting bullish pattern line forming with assist at $66,800 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may rally additional if there’s a shut above the $68,000 resistance zone.
Bitcoin Price Remains Supported for More Upsides
Bitcoin worth remained supported and prolonged its improve above the $67,500 resistance. BTC cleared the $67,800 resistance to maneuver right into a constructive zone. The worth even rallied above the $68,000 and $68,200 resistance ranges.
The worth traded as excessive as $68,328 and at present consolidating good points. There was a minor decline beneath the $68,000 stage. The worth dipped and examined the 23.6% Fib retracement stage of the upward transfer from the $64,686 swing low to the $68,328 excessive.
Bitcoin worth is now buying and selling above $67,200 and the 100 hourly Simple moving average. There can also be a connecting bullish pattern line forming with assist at $66,800 on the hourly chart of the BTC/USD pair.
On the upside, the worth may face resistance close to the $68,000 stage. The first key resistance is close to the $68,350 stage. A transparent transfer above the $68,350 resistance may ship the worth increased. The subsequent key resistance might be $68,800.
A detailed above the $68,800 resistance may provoke extra good points. In the said case, the worth may rise and check the $70,0200 resistance stage. Any extra good points may ship the worth towards the $72,000 resistance stage.
Another Drop In BTC?
If Bitcoin fails to rise above the $68,000 resistance zone, it may begin one other decline. Immediate assist on the draw back is close to the $66,800 stage and the pattern line.
The first main assist is close to the $66,500 stage and the 50% Fib retracement stage of the upward transfer from the $64,686 swing low to the $68,328 excessive. The subsequent assist is now close to the $66,500 zone. Any extra losses may ship the worth towards the $65,400 assist within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.
Major Support Levels – $66,800, adopted by $65,400.
Major Resistance Levels – $68,000, and $68,350.
