Bitcoin continues to hold gains over the resistance area of $67,000. BTC has now consolidated and is aiming to gain more above the resistance of $68,350.
- Bitcoin has remained steady and continues to extend gains beyond the $67.500 area.
- Price is above the Simple Moving Average of 100 hours and $67,400.
- The hourly BTC/USD chart shows a bullish line with 67,400 as the support level (data feed by Kraken).
- If the pair closes above $68,200, it could continue to rally.
Bitcoin Price Sees Additional Upsides
The bitcoin price is still above its previous support level $67,000 pivot zone. BTC remains in range. Bulls are active above $66,500. The last high was $68,328. There has been a slight pullback.
Price dropped below $67,000. A drop was seen below the level of 23.6% Fib’s retracement for the uptrend from the $64,685 swing-low to the $68,328 peak. The bulls are active however, above $66,500. On the hourly BTC/USD chart, a bullish trendline is also developing with support at $66,400.
Bitcoin is currently trading at a price of $67,200. 100 hourly Simple moving average. Price could be facing resistance on the upside near $68,000. First, the price will face resistance near $68,200. Price could rise if the market clears $68,200. The next major resistance may be $68,850.
The price could rise and test the $71,650 resistance level if it closes over $68,850. Price could test $71,650 level in the case stated. If the price gains more, it could push the price towards the $72,000 level of resistance.
A Drop in BTC Prices?
Bitcoin’s next decline could be triggered if the currency fails to move above $68,000. The trendline and $67,200 are the immediate support levels on the downside.
The major first support level is at the level of $66,500. This level also represents the Fib 50% retracement for the move upwards from the swing low level $64,685 to the high level $68,328. Next support now lies near $66,000. In the short term, any further losses could send the price towards the $65,500 level.
Indicators of technical indicators
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $67,200, followed by $66,500.
Major Resistance Levels – $68,000, and $68,200.
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Source: www.newsbtc.com
