Bitcoin value gained tempo above the $61,500 resistance. BTC even cleared the $63,300 stage and is now consolidating positive aspects above $62,500.
- Bitcoin is gaining tempo above the $62,200 resistance zone.
- The value is buying and selling above $62,500 and the 100 hourly Simple transferring common.
- There is a significant bullish pattern line forming with assist at $61,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair might prolong positive aspects if it stays above the $61,500 assist zone.
Bitcoin Price Extend Gains Above $63,000
Bitcoin value extended its increase above the $60,500 stage. BTC was in a position to clear the $61,200 and $61,500 resistance ranges to maneuver right into a optimistic zone.
The bulls pumped the worth above $62,500 and $63,000 ranges. A excessive was shaped at $63,840 and the worth is now consolidating positive aspects. There was a transfer beneath the $63,500 stage. The value dipped and examined the 23.6% Fib retracement stage of the upward transfer from the $59,165 swing low to the $63,840 excessive.
Bitcoin is now buying and selling above $62,500 and the 100 hourly Simple moving average. There can be a significant bullish pattern line forming with assist at $61,500 on the hourly chart of the BTC/USD pair.
On the upside, the worth might face resistance close to the $63,500 stage. The first key resistance is close to the $63,800 stage. A transparent transfer above the $68,400 resistance would possibly ship the worth larger. The subsequent key resistance might be $64,500. An in depth above the $64,500 resistance would possibly spark extra upsides. In the acknowledged case, the worth might rise and check the $65,000 resistance.
Are Dips Limited In BTC?
If Bitcoin fails to rise above the $63,500 resistance zone, it might begin a draw back correction. Immediate assist on the draw back is close to the $62,700 stage.
The first main assist is $61,500 and the pattern line. The subsequent assist is now close to the $61,000 zone or the 61.8% Fib retracement stage of the upward transfer from the $59,165 swing low to the $63,840 excessive. Any extra losses would possibly ship the worth towards the $60,500 assist within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.
Major Support Levels – $62,700, adopted by $61,500.
Major Resistance Levels – $63,500, and $63,800.
