Bitcoin worth prolonged its improve above the $64,000 resistance. BTC is now holding beneficial properties above $62,800 and may intention for extra upsides.
- Bitcoin traded to a brand new weekly excessive at $65,500 earlier than there was a draw back correction.
- The worth is buying and selling above $63,500 and the 100 hourly Simple transferring common.
- There is a key bullish pattern line forming with assist at $63,350 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may intention for extra upsides if it clears the $64,500 and $65,500 resistance ranges.
Bitcoin Price Aims Higher
Bitcoin worth remained well-bid above the $62,500 support zone and prolonged its improve. BTC was capable of clear the $64,500 resistance. It even cleared $65,000 and examined $65,500.
A excessive was fashioned at $65,550 and the value is now correcting beneficial properties. There was a minor decline beneath the $64,000 degree. The worth examined the 23.6% Fib retracement degree of the upward transfer from the $56,380 swing low to the $65,550 excessive.
However, the bulls are lively close to the $63,000 zone. There can be a key bullish pattern line forming with assist at $63,350 on the hourly chart of the BTC/USD pair.
Bitcoin is now buying and selling above $63,000 and the 100 hourly Simple moving average. Immediate resistance is close to the $64,500 degree. The first main resistance may very well be $65,000. The subsequent key resistance may very well be $65,500.
Source: BTCUSD on TradingView.com
A transparent transfer above the $65,500 resistance may ship the value increased. The subsequent resistance now sits at $67,200. If there’s a clear transfer above the $67,200 resistance zone, the value may proceed to maneuver up. In the acknowledged case, the value may rise towards $68,800.
Another Drop In BTC?
If Bitcoin fails to rise above the $65,500 resistance zone, it may begin one other decline. Immediate assist on the draw back is close to the $63,350 degree and the pattern line.
The first main assist is $62,800. If there’s a shut beneath $62,800, the value may begin to drop towards the 50% Fib retracement degree of the upward transfer from the $56,380 swing low to the $65,550 excessive at $60,800. Any extra losses may ship the value towards the $60,000 assist zone within the close to time period.
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 close to the 50 degree.
Major Support Levels – $63,350, adopted by $62,800.
Major Resistance Levels – $64,500, $65,000, and $65,500.
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