Bitcoin is trying to recover above $66,500. BTC needs to clear $70,000 in order for it to move higher.
- Bitcoin faces many obstacles near $69,500 or $70,000.
- Above $67,000 is the simple moving average of 100-hour trading.
- The hourly chart shows a breaking above a bearish trendline that has resistance at $66,350. (Data feed from Kraken)
- If the pair stays above $67,000, it could begin another rise.
Bitcoin Price Expected to Recover
Price of bitcoin found support around $64,500 and began to move upwards. recovery wave. BTC managed to surpass the resistance levels of $66,500 and 67,000 in order to reach a short term positive zone.
On the hourly BTC/USD chart, there was a breakout above the key trendline with resistance of $66,350. Even the pair spiked over $69,000. The price has now reached a new high of $69,354. consolidating gains.
Bitcoin traded below the 23,6% Fib Retracement Level of the upward movement from the $64,572 swing-low to the $69352 high. Bitcoin now trades above $67,000, and is trading over the Simple Moving Average 100-hourly.
Near the level of $68,250, there is immediate resistance. The $69350 level could prove to be the first significant resistance. The current main resistance is $70,000. The price may start to rise again if there is an upward movement above the resistance level of $70,000. The price in the case stated could increase to $71,200.
Source: BTCUSD on TradingView.com
You can also find out more about the following: next Major resistance lies near $72,000. Bitcoin may soon reach $73,500 as a resistance level.
BTC: Another drop in the BTC price?
Bitcoin’s next decline could be triggered if the price fails to climb above $69350. Support on the downside near $67,200 is immediate.
The major support at $67,000 is the Fib 50% retracement from the swing low of $64,572 to the high of $69,352. The next Support is at $66,400. Price could drop towards $65,500 if the close is below $66,400. In the short term, any further losses could send the price towards the $64,500 level of support.
The following are technical indicators.
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now declining toward the 50 level.
Major Support Levels – $67,200, followed by $67,000.
Major Resistance Levels – $69,350, $70,000, and $71,200.
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