Bitcoin worth examined the $65,000 assist zone. BTC is now rising and making an attempt a recent enhance above the $70,000 resistance zone within the close to time period.
- Bitcoin worth is displaying a couple of constructive indicators from the $65,000 zone.
- The worth is buying and selling under $70,000 and the 100 hourly Simple transferring common.
- There was a break above a serious bearish pattern line with resistance at $67,100 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may acquire bullish momentum if it clears the $70,000 resistance zone within the close to time period.
Bitcoin Price Holds Support
Bitcoin worth began a downside correction from the $73,500 zone. There was a gradual decline under the $70,000 assist zone and the bears pushed the value under $68,000.
Finally, the value examined the $65,000 assist zone. A low was shaped at $64,555 and the value is now making an attempt a fresh increase. There was a transfer above the $66,500 resistance zone. The worth climbed above the 23.6% Fib retracement stage of the downward transfer from the $73,734 swing excessive to the $64,555 low.
There was additionally a break above a serious bearish pattern line with resistance at $67,100 on the hourly chart of the BTC/USD pair. Bitcoin is now buying and selling under $70,000 and the 100 hourly Simple transferring common.
Immediate resistance is close to the $69,200 stage or the 50% Fib retracement stage of the downward transfer from the $73,734 swing excessive to the $64,555 low. The subsequent key resistance may very well be $70,000, above which the value may rise towards the $71,200 resistance zone.
Source: BTCUSD on TradingView.com
If there’s a clear transfer above the $71,200 resistance zone, the value may even try a transfer above the $72,000 resistance zone. Any extra positive factors would possibly ship the value towards the $73,500 stage.
More Losses In BTC?
If Bitcoin fails to rise above the $70,000 resistance zone, it may begin one other decline. Immediate assist on the draw back is close to the $67,000 stage.
The first main assist is $65,000. The primary assist sits at $64,500. If there’s a shut under $64,500, the value may begin a drop towards the $63,500 stage. Any extra losses would possibly ship the value towards the $62,000 assist zone.
Technical indicators:
Hourly MACD – The MACD is now dropping tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.
Major Support Levels – $66,500, adopted by $65,000.
Major Resistance Levels – $69,200, $70,000, and $71,200.
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