Bitcoin value is gaining tempo above $74,000. BTC is buying and selling in a bullish zone and would possibly rise additional above the $76,500 resistance zone.
- Bitcoin began a recent surge above the $73,500 zone.
- The value is buying and selling above $73,000 and the 100 hourly Simple transferring common.
- There is a connecting bullish development line forming with help at $75,250 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may proceed to rise above the $76,000 resistance zone.
Bitcoin Price Extends Rally
Bitcoin value began a fresh surge above the $73,500 degree. BTC even cleared the $75,000 resistance and traded to a brand new all-time excessive. It posted a excessive at $76,457 and is at present consolidating positive factors.
There was a minor decline under the $76,000 degree. The value dipped under the 23.6% Fib retracement degree of the upward transfer from the $72,747 swing low to the $76,457 excessive. However, the worth remains to be in a optimistic zone above the $73,500 degree.
Bitcoin value is now buying and selling above $74,000 and the 100 hourly Simple moving average. There can also be a connecting bullish development line forming with help at $75,250 on the hourly chart of the BTC/USD pair.
On the upside, the worth may face resistance close to the $75,800 degree. The first key resistance is close to the $76,000 degree. A transparent transfer above the $76,000 resistance would possibly ship the worth increased. The subsequent key resistance could possibly be $76,500.
A detailed above the $76,500 resistance would possibly provoke extra positive factors. In the said case, the worth may rise and check the $78,000 resistance degree. Any extra positive factors would possibly ship the worth towards the $78,800 resistance degree.
Are Dips Supported In BTC?
If Bitcoin fails to rise above the $76,000 resistance zone, it may proceed to maneuver down. Immediate help on the draw back is close to the $75,250 degree and the development line.
The first main help is close to the $74,150 degree or the 61.8% Fib retracement degree of the upward transfer from the $72,747 swing low to the $76,457 excessive. The subsequent help is now close to the $73,500 zone. Any extra losses would possibly ship the worth towards the $72,000 help in the close to time period.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 degree.
Major Support Levels – $75,250, adopted by $74,150.
Major Resistance Levels – $76,000, and $76,500.
