Bitcoin worth climbed above the $66,000 resistance zone and began consolidation. BTC is now eyeing the subsequent transfer above the $67,200 resistance zone.
- Bitcoin is eyeing a good enhance above the $67,200 resistance zone.
- The worth is buying and selling above $65,500 and the 100 hourly Simple transferring common.
- There is a connecting bullish pattern line forming with help at $65,900 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may acquire bullish momentum if it clears the $67,200 resistance zone.
Bitcoin Price Eyes More Upsides
Bitcoin worth began a fresh increase above the $65,500 and $66,000 resistance ranges. BTC even climbed above the $67,000 stage. It traded as excessive as $67,200 and is at present consolidating features.
There was a minor decline under the $66,500 stage, however the worth remained secure above the 23.6% Fib retracement stage of the upward transfer from the $64,280 swing low to the $67,200 low. Bitcoin worth continues to be buying and selling above $65,500 and the 100 hourly Simple moving average.
There can also be a connecting bullish pattern line forming with help at $65,900 on the hourly chart of the BTC/USD pair. The pattern line is close to the 50% Fib retracement stage of the upward transfer from the $64,280 swing low to the $67,200 low.
Immediate resistance is close to the $67,000 stage. The first main resistance may very well be $67,200. A transparent transfer above the $67,200 resistance would possibly ship the value larger. The subsequent resistance now sits at $68,500. If there’s a clear transfer above the $68,500 resistance zone, the value may proceed to maneuver up. In the said case, the value may rise towards $70,000.
Source: BTCUSD on TradingView.com
The subsequent main resistance is close to the $70,500 zone. Any extra features would possibly ship Bitcoin towards the $72,000 resistance zone within the close to time period.
Are Dips Limited In BTC?
If Bitcoin fails to rise above the $67,000 resistance zone, it may begin a draw back correction. Immediate help on the draw back is close to the $66,200 stage.
The first main help is $66,000 or the pattern line. If there’s a shut under $66,000, the value may begin to drop towards $65,400. Any extra losses would possibly ship the value 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 stage.
Major Support Levels – $66,200, adopted by $66,000.
Major Resistance Levels – $67,000, $67,200, and $68,500.
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