Bitcoin worth rallied and examined the $66,500 zone. BTC is now consolidating good points and would possibly try one other improve towards $67,500.
- Bitcoin began a consolidation section from the $66,500 resistance zone.
- The worth is buying and selling above $65,000 and the 100 hourly Simple transferring common.
- There is a key bullish pattern line forming with assist at $65,150 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may begin one other improve except the bears push it beneath $63,800.
Bitcoin Price Remains Supported
Bitcoin worth shaped a base and began a fresh increase above the $63,500 stage. BTC even cleared the $65,500 resistance and examined the $66,500 area. A brand new weekly excessive was shaped at $66,565 and the worth is now consolidating good points.
There was a minor decline beneath the $66,000 stage. The worth dipped beneath the 23.6% Fib retracement stage of the upward transfer from the $61,073 swing low to the $66,565 excessive.
Bitcoin worth is now buying and selling above $65,000 and the 100 hourly Simple moving average. There can also be a key bullish pattern line forming with assist at $65,150 on the hourly chart of the BTC/USD pair. Immediate resistance is close to the $65,600 stage.
The first main resistance might be $66,000. The subsequent key resistance might be $66,500. A transparent transfer above the $66,500 resistance would possibly ship the worth greater. In the acknowledged case, the worth may rise and take a look at the $67,200 resistance.
If the bulls stay in motion, the worth may rise towards the $68,000 resistance zone. Any extra good points would possibly ship BTC towards the $70,000 barrier.
Another Decline In BTC?
If Bitcoin fails to climb above the $66,000 resistance zone, it may proceed to maneuver down. Immediate assist on the draw back is close to the $65,150 stage and the pattern line.
The first main assist is $64,200. The primary assist is now forming close to $63,800 or the 50% Fib retracement stage of the upward transfer from the $61,073 swing low to the $66,565 excessive. Any extra losses would possibly ship the worth towards the $63,150 assist zone in the close to time period.
Technical indicators:
Hourly MACD – The MACD is now dropping tempo in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.
Major Support Levels – $65,150, adopted by $63,800.
Major Resistance Levels – $66,000, $66,500, and $67,200.
