Bitcoin value is up over 8% and buying and selling above the $67,500 resistance. BTC is eyeing a brand new all-time excessive and will even hit the $70,000 degree.
- Bitcoin value is transferring greater above the $66,500 help zone.
- The value is buying and selling above $67,500 and the 100 hourly Simple transferring common.
- There is a connecting bullish pattern line forming with help at $66,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair might speed up greater towards the $69,200 resistance and even $70,000.
Bitcoin Price Rallies Again
Bitcoin value remained well-bid above the $65,000 support zone. A brand new help base was shaped, and the value began one other rally above the $66,000 degree. There was a gentle improve towards the $67,500 degree.
The value is up over 8% and it traded near the final all-time excessive. A excessive is shaped at $68,786 and the value is now consolidating good points above the 23.6% Fib retracement degree of the upward transfer from the $61,400 swing low to the $68,786 excessive.
Bitcoin is now buying and selling above $67,500 and the 100 hourly Simple moving average. There can be a connecting bullish pattern line forming with help at $66,000 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
Immediate resistance is close to the $68,800 degree. The subsequent key resistance might be $69,200, above which the value might rise towards the $70,000 resistance zone. If there’s a clear transfer above the $70,000 resistance zone, the value might rise towards the $71,200 degree. Any extra good points may ship the value towards the $75,000 degree.
Downside Correction In BTC?
If Bitcoin fails to rise above the $68,800 resistance zone, it might begin one other draw back correction. Immediate help on the draw back is close to the $67,000 degree.
The first main help is $66,000 or the pattern line. If there’s a shut beneath $66,000, the value might begin an honest pullback towards the 50% Fib retracement degree of the upward transfer from the $61,400 swing low to the $68,786 excessive or $65,000. Any extra losses may ship the value towards the $63,200 help zone.
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 – $67,000, adopted by $66,000.
Major Resistance Levels – $68,800, $69,200, and $70,000.
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