Bitcoin value examined the $65,200 zone earlier than the bulls appeared. BTC is now rising and aiming for extra upsides above the $67,500 resistance.
- Bitcoin prolonged losses and examined the $65,200 zone.
- The value is buying and selling beneath $67,500 and the 100 hourly Simple transferring common.
- There was a break above a key bearish development line with resistance at $66,800 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may acquire bullish momentum if it clears the $67,500 resistance zone.
Bitcoin Price Starts Fresh Increase
Bitcoin value prolonged its downside correction beneath the $66,500 stage. There was a transfer beneath the $66,000 and $65,500 ranges. The value even examined the $65,200 help zone.
A low was fashioned at $65,199 and the worth is once more rising. There was a clear transfer above the $66,500 stage. The value climbed above the 23.6% Fib retracement stage of the downward transfer from the $69,425 swing excessive to the $65,199 low. Besides, there was a break above a key bearish development line with resistance at $66,800 on the hourly chart of the BTC/USD pair.
Bitcoin value is now buying and selling beneath $67,500 and the 100 hourly Simple moving average. On the upside, the worth may face resistance close to the $67,300 stage or the 50% Fib retracement stage of the downward transfer from the $69,425 swing excessive to the $65,199 low.
The first key resistance is close to the $67,500 stage. A transparent transfer above the $67,500 resistance would possibly ship the worth larger. The subsequent key resistance may very well be $68,000.
A detailed above the $68,000 resistance would possibly provoke extra positive aspects. In the said case, the worth may rise and check the $69,200 resistance stage. Any extra positive aspects would possibly ship the worth towards the $70,000 resistance stage.
Another Decline In BTC?
If Bitcoin fails to rise above the $67,500 resistance zone, it may begin one other decline. Immediate help on the draw back is close to the $66,500 stage.
The first main help is close to the $66,200 stage. The subsequent help is now close to the $66,000 zone. Any extra losses would possibly ship the worth towards the $65,200 help within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now dropping tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.
Major Support Levels – $66,500, adopted by $66,200.
Major Resistance Levels – $67,500, and $68,000.
