Bitcoin worth is up practically 5% and there was a transfer above $62,500. BTC is now testing the $63,500 resistance zone with a constructive angle.
- Bitcoin began an honest enhance above the $62,200 and $62,400 ranges.
- The worth is buying and selling above $62,500 and the 100 hourly Simple shifting common.
- There was a break above a serious bearish development line with resistance at $61,000 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair would possibly battle to proceed greater above the $63,650 resistance zone.
Bitcoin Price Starts Recovery
Bitcoin worth shaped a base above the $60,000 zone. BTC remained secure and was capable of begin an honest enhance above the $61,500 resistance zone.
There was a break above a serious bearish development line with resistance at $61,000 on the hourly chart of the BTC/USD pair. The bulls have been capable of pump the worth above the $62,500 resistance. It is up practically 5% and buying and selling close to the $63,650 resistance zone.
Bitcoin worth is buying and selling above $62,500 and the 100 hourly Simple moving average. It is secure and nicely above the 23.6% Fib retracement stage of the upward transfer from the $59,949 swing low to the $63,675 excessive.
If there’s one other enhance, the worth might face resistance close to the $63,650 stage. The first key resistance is close to the $64,000 stage. The subsequent key resistance could possibly be $64,400. A transparent transfer above the $64,400 resistance would possibly begin a gentle enhance and ship the worth greater.
In the said case, the worth might rise and take a look at the $65,500 resistance. Any extra features would possibly ship BTC towards the $66,000 resistance within the close to time period.
Are Dips Limited In BTC?
If Bitcoin fails to climb above the $63,650 resistance zone, it might begin a draw back correction. Immediate assist on the draw back is close to the $62,800 stage.
The first main assist is $61,800 and the 50% Fib retracement stage of the upward transfer from the $59,949 swing low to the $63,675 excessive. The subsequent assist is now forming close to $61,250 and the 100 hourly Simple shifting common. Any extra losses would possibly ship the worth towards the $60,500 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 above the 50 stage.
Major Support Levels – $62,800, adopted by $61,800.
Major Resistance Levels – $63,650, and $64,400.
