Bitcoin worth is holding beneficial properties above the $70,000 resistance. BTC is now exhibiting optimistic indicators and would possibly intention for a transfer above the $73,000 degree.
- Bitcoin worth prolonged its enhance and examined the $73,000 zone.
- The worth is buying and selling above $71,500 and the 100 hourly Simple shifting common.
- There is a connecting bullish pattern line forming with help at $71,300 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair might proceed to maneuver up if it clears the $72,850 and $73,000 resistance ranges.
Bitcoin Price Sets New ATH
Bitcoin worth remained steady above the $70,000 degree. BTC gained tempo and was capable of prolong its enhance above the $72,500 degree. It even spiked above the $72,850 resistance however the upsides had been restricted.
The worth traded to a brand new all-time excessive at $73,000 earlier than there was a draw back correction. The worth declined beneath the $72,000 and $71,500 ranges. A low was fashioned close to $68,660 and the worth is once more rising. There was a transfer above the $71,000 degree.
The worth cleared the 50% Fib retracement degree of the downward transfer from the $73,000 swing excessive to the $68,660 low. There can also be a connecting bullish pattern line forming with help at $71,300 on the hourly chart of the BTC/USD pair.
Bitcoin is now buying and selling above $71,500 and the 100 hourly Simple moving average. Immediate resistance is close to the $72,000 degree and the 76.4% Fib retracement degree of the downward transfer from the $73,000 swing excessive to the $68,660 low.
Source: BTCUSD on TradingView.com
The subsequent key resistance might be $72,850, above which the worth might rise towards the $73,000 resistance zone. If there’s a clear transfer above the $73,000 resistance zone, the worth might even try a transfer above the $74,000 resistance zone. Any extra beneficial properties would possibly ship the worth towards the $75,000 degree.
Another Downside Correction In BTC?
If Bitcoin fails to rise above the $72,000 resistance zone, it might begin a draw back correction. Immediate help on the draw back is close to the $71,300 degree and the pattern line.
The first main help is $70,000 or 100 hourly SMA. If there’s a shut beneath $70,000, the worth might begin a good pullback towards the $68,650 degree. Any extra losses would possibly ship the worth towards the $66,500 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 – $71,300, adopted by $70,000.
Major Resistance Levels – $72,000, $72,850, and $73,000.
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