Bitcoin worth prolonged beneficial properties above the $68,000 resistance degree. BTC bulls appear to be in motion, and so they may intention for a transfer towards the $70,000 degree.
- Bitcoin began a contemporary enhance above the $66,500 resistance zone.
- The worth is buying and selling above $66,500 and the 100 hourly Simple shifting common.
- There is a connecting bullish development line forming with help at $66,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may lengthen beneficial properties and commerce above the $68,800 resistance zone.
Bitcoin Price Climbs Further Higher
Bitcoin worth remained well-supported above the $65,500 and $66,000 resistance levels. BTC began a contemporary enhance and was ready to clear the $66,500 resistance.
There was a transparent transfer above the $67,200 degree and the worth even climbed above $68,000. A excessive was fashioned at $68,531 and the worth is now consolidating beneficial properties. There was a transfer towards the 23.6% Fib retracement degree of the upward transfer from the $65,857 swing low to the $68,531 excessive.
Bitcoin worth is now buying and selling above $66,500 and the 100 hourly Simple moving average. There can be a connecting bullish development line forming with help at $66,500 on the hourly chart of the BTC/USD pair. The development line is shut to the 61.8% Fib retracement degree of the upward transfer from the $65,857 swing low to the $68,531 excessive.
If there’s a contemporary enhance, the worth might face resistance close to the $68,500 degree. The first key resistance is close to the $68,800 degree. A transparent transfer above the $68,800 resistance may spark one other enhance within the coming classes.
The subsequent key resistance might be $69,500. The subsequent main hurdle sits at $70,000. A detailed above the $70,000 resistance may push the worth additional larger. In the said case, the worth might rise and check the $72,000 resistance.
Are Dips Limited In BTC?
If Bitcoin fails to climb above the $68,500 resistance zone, it might begin a draw back correction. Immediate help on the draw back is close to the $67,600 degree.
The first main help is $67,200. The subsequent help is now close to $66,500 and the development line. Any extra losses may ship the worth towards the $65,500 help 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 degree.
Major Support Levels – $67,200, adopted by $66,500.
Major Resistance Levels – $68,500, and $68,800.
