Bitcoin value prolonged its improve and climbed above the $66,000 resistance zone. BTC is now exhibiting constructive indicators and may discover bids close to $65,500.
- Bitcoin gained tempo for a transfer above the $65,500 resistance zone.
- The value is buying and selling above $65,500 and the 100 hourly Simple shifting common.
- There is a key bullish pattern line forming with help at $65,700 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair might right decrease, however the bulls may stay lively close to the $65,500 help.
Bitcoin Price Gains Strength
Bitcoin value began a fresh increase above the $64,500 and $65,000 resistance ranges. BTC bulls even pushed the worth above the $66,000 resistance. It traded to a brand new weekly excessive at $67,200 and is at the moment consolidating positive aspects.
The value is slowly shifting decrease towards the 23.6% Fib retracement degree of the upward transfer from the $64,281 swing low to the $67,200 low. Bitcoin value continues to be buying and selling above $65,500 and the 100 hourly Simple moving average.
There can also be a key bullish pattern line forming with help at $65,700 on the hourly chart of the BTC/USD pair. The pattern line is close to the 50% Fib retracement degree of the upward transfer from the $64,281 swing low to the $67,200 low.
Immediate resistance is close to the $67,000 degree. The first main resistance may very well be $67,200. The subsequent resistance now sits at $68,500. If there’s a clear transfer above the $68,500 resistance zone, the worth might proceed to maneuver up. In the said case, the worth might rise towards $70,000.
Source: BTCUSD on TradingView.com
The subsequent main resistance is close to the $70,500 zone. Any extra positive aspects may ship Bitcoin towards the $72,000 resistance zone within the close to time period.
Downside Correction In BTC?
If Bitcoin fails to rise above the $67,000 resistance zone, it might begin a draw back correction. Immediate help on the draw back is close to the $66,500 degree.
The first main help is $65,700 or the pattern line. If there’s a shut under $65,500, the worth might begin to drop towards $65,000. Any extra losses may ship the worth towards the $64,200 help zone 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 degree.
Major Support Levels – $66,500, adopted by $65,500.
Major Resistance Levels – $67,000, $67,200, and $68,500.
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