Bitcoin’s value remained over the $68,500 zone of support. BTC has now consolidated and could aim to increase again above the resistance of $70,150.
- Bitcoin has found support at around $68,500. This is the point where a solid recovery started.
- It is currently trading at a price below $70,000 and the Simple moving average of 100 hours.
- On the hourly chart for the BTC/USD, there is a strong bullish trendline with support around $69500 (data from Kraken).
- If the resistance level of $70,150 is not broken then this pair may decline.
Bitcoin Price Faces Resistance
Bitcoin continues to fall below $2,000 $70,000 support zone. BTC dropped below the $68,500 mark before the bulls arrived near that level. Price has attempted to make a comeback after forming a low at $68,409.
The price moved above the resistance level of $69,250. Price climbed over the Fib 23.6% retracement of the decline from the swing high at $71,900 to the low at $68,409.
Bitcoin has now fallen below the $70,000 mark. 100 hourly Simple moving average. The hourly chart for the BTC/USD pairs shows a strong bullish line with 69,500 as the support. Price is currently facing resistance around the $70,000 area.
First, the major resistance level could be $71,900 and 50% of the Fib retracement from that swing high down to $68,409 as the low. Next, $70.550 could become a key resistance. The price could move higher if it clears the resistance of $70,550. Price could test $71,200 and rise in the case stated. BTC could reach the $72,000 barrier if it gains any more.
BTC to decline again?
Bitcoin’s next decline could be triggered if the price fails to break through $70.150. Near the $69,500 and trend line is immediate support for the downside.
First major support of $69150. Next support will be near $68,500. In the short term, any further losses could send the price towards the support zone of $67.500.
The following are technical indicators.
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $69,500, followed by $68,500.
Major Resistance Levels – $70,150, and $70,500.
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Source: www.newsbtc.com
