Price of bitcoin started to rise steadily above the $68,000 mark. BTC has now shown positive signs, and could gain more if $69250 is cleared.
- Bitcoin accelerated its growth above levels of $67.500 and $68,000.
- Price is above the moving average of 100 hours and $68,500.
- The hourly chart for the BTC/USD pairs showed a break over a trend line that was bearish with a resistance level of $66,650. (Data feed by Kraken).
- It is possible that the pair could begin another downtrend if they stay below $69,250 and $69.500.
Bitcoin price gains traction
Bitcoin’s price managed to rise above $1000. $67,250 resistance zone. BTC has gained momentum for an increase above $67,500 ($68,000.) and $68,000 ($68,000.).
On the BTC/USD hourly chart, there was a breakout above the bearish trendline with resistance of $67.650. Even the pair climbed over $69,000. At $69256, a new high has been formed. Price is currently consolidating at the 23,6% Fib level that retraced the move upward from the swing-low of $65,688 up to the $69256 peak.
Bitcoin has now reached a price of $68,000. 100 hourly simple moving average. It could try to increase again if the price stays above $68,500. Near the level of $69,250 is where immediate resistance lies.
First key resistance near $69,500. The price could rise if it closes over the $69500 level. Price could test resistance at $70,000 in this case. The price could rise to $71,500 if it gains more. Next for bulls, the next obstacle could be $72,000.
BTC to decline again?
Bitcoin’s next decline could be triggered if the price fails to move above $69 250. The immediate support level is around the $68,800 area. The initial major support level is around $68,500.
The nearest support level is near the $67.500 area or the Fib 50% retracement of the move upward from the $65,688 low swing to the $69.256 high. Price could drop to $67,000 in the near future if there are any more losses. BTC may struggle to recover from the $66,500 support level if BTC falls below it.
The following are 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 – $68,500, followed by $68,000.
Major Resistance Levels – $69,250 and $69,500.
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Source: www.newsbtc.com
