Bitcoin worth began a restoration wave from the $67,000 zone. BTC is now struggling to clear the $68,800 and $69,500 resistance ranges.
- Bitcoin remained secure above the $67,000 zone and recovered increased.
- The worth is buying and selling above $68,000 and the 100 hourly Simple transferring common.
- There was a break above a key bearish pattern line with resistance at $67,800 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may achieve bullish momentum if it settles above the $68,800 stage.
Bitcoin Price Faces Resistance
Bitcoin worth prolonged its draw back correction beneath the $68,000 stage. BTC examined the $67,000 zone and lately began a recovery wave. The worth traded as little as $67,099 earlier than it climbed again above $68,000.
There was a break above a key bearish pattern line with resistance at $67,800 on the hourly chart of the BTC/USD pair. The pair climbed above the $68,500 and $69,000 ranges. However, it confronted resistance close to the $69,500 stage. A excessive was fashioned at $69,548 earlier than the upside faded.
There was a drop beneath the $69,000 stage. The worth declined beneath the 50% Fib retracement stage of the upward transfer from the $67,099 swing low to the $69,548 excessive.
However, the bulls have been energetic close to $68,000 and the 61.8% Fib retracement stage of the upward transfer from the $67,099 swing low to the $69,548 excessive. Bitcoin is now buying and selling above $68,000 and the 100 hourly Simple transferring common.
On the upside, the worth is dealing with resistance close to the $68,500 stage. The first main resistance might be $68,850. The subsequent key resistance might be $69,500. A transparent transfer above the $69,500 resistance would possibly ship the worth increased. In the said case, the worth may rise and take a look at the $70,600 resistance. Any extra features would possibly ship BTC towards the $72,600 resistance.
More Losses In BTC?
If Bitcoin fails to climb above the $68,800 resistance zone, it may proceed to maneuver down. Immediate assist on the draw back is close to the $68,000 stage.
The first main assist is $67,400. The subsequent assist is now forming close to $67,000. Any extra losses would possibly ship the worth towards the $66,250 assist zone within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.
Major Support Levels – $68,000, adopted by $67,000.
Major Resistance Levels – $68,800, and $69,500.
