Bitcoin worth is consolidating above the $60,000 assist. BTC appears to be eyeing a recent enhance above the $61,200 and $61,500 ranges.
- Bitcoin is consolidating above the $60,000 assist zone.
- The worth is buying and selling beneath $61,750 and the 100 hourly Simple shifting common.
- There was a break above a key bearish development line with resistance at $60,850 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may begin one other enhance if it clears the $61,200 resistance zone.
Bitcoin Price Signals Positive Moves
Bitcoin worth extended its decline beneath the $61,200 assist. BTC broke the $60,500 and $60,200 assist ranges to maneuver right into a short-term bearish zone. The worth even dipped beneath $60,000.
A low was shaped at $59,850 and the worth is now consolidating losses. There was a minor enhance above the $60,450 stage. The worth climbed above the 50% Fib retracement stage of the downward transfer from the $62,350 swing excessive to the $59,850 low.
There was additionally a break above a key bearish development line with resistance at $60,850 on the hourly chart of the BTC/USD pair. Bitcoin is now buying and selling beneath $61,750 and the 100 hourly Simple shifting common.
On the upside, the worth may face resistance close to the $61,400 stage. The first key resistance is close to the $61,750 stage or the 76.4% Fib retracement stage of the downward transfer from the $62,350 swing excessive to the $59,850 low. A transparent transfer above the $61,750 resistance would possibly ship the worth greater. The subsequent key resistance might be $62,350.
An in depth above the $62,350 resistance would possibly provoke extra positive factors. In the acknowledged case, the worth may rise and check the $62,850 resistance stage. Any extra positive factors would possibly ship the worth towards the $63,200 resistance stage.
Another Decline In BTC?
If Bitcoin fails to rise above the $61,750 resistance zone, it may begin one other decline. Immediate assist on the draw back is close to the $60,450 stage.
The first main assist is close to the $60,000 stage. The subsequent assist is now close to the $59,850 zone. Any extra losses would possibly ship the worth towards the $58,800 assist in the close to time period.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now beneath the 50 stage.
Major Support Levels – $60,450, adopted by $60,000.
Major Resistance Levels – $61,400, and $61,750.
