Bitcoin’s price has been consolidating over $72,000. BTC has shown positive signs. It could be on its way to a record high.
- Bitcoin began a new increase over the $71,000 area.
- Price is above the Simple Moving Average of 100 hours and $71,500.
- The hourly chart shows a bullish line with a support of $69,500 (data feed by Kraken).
- This pair could rise to the resistance level of $73,500.
Bitcoin price is aiming for more upsides
Bitcoin prices remained above $4,000 $70,500 zone. BTC has formed a new base, and is now gaining momentum above the resistance of $72,000. The bulls were successful in pushing the price past the $72,500 level.
Price recovered and broke the level of $73,200. Price is currently consolidating gains after a high at $73,574. A minor drop was seen below $73,000. Price tested the Fib 23.6% retracement of the ascending wave between the swing low at $65,530 and the high at $73,574.
Bitcoin is currently trading at $71,500. 100 hourly Simple moving average. The hourly chart for the BTC/USD pairs also shows a bullish key trendline that is forming at support of $69.500.
Price could be facing resistance on the upside near $73,000. First, the price will face resistance near $73,500. The price could move higher if it clears the resistance of $73,500. Next key resistance is $74,200.
If the price closes above $74,200, it could lead to more gains. Price could test $75,500 and rise in the case stated. All further gains could send the price towards the $78,000 level. Further gains could lead to a $80,000 test.
Are Dips Supported In BTC?
Bitcoin could begin a correction to the downside if it fails to break through $73,000. The $71,650 support level is the immediate downside support.
First major support near $69,500, trendline, and 50% Fib level retracement of the ascending wave from $65,530 swing-low to $73,574 peak. Next support now lies near $68,600. If the market continues to fall, it could push the price down towards the $68,600 support.
Indicators of 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 above the 50 level.
Major Support Levels – $71,650, followed by $69,500.
Major Resistance Levels – $73,000, and $73,500.
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Source: www.newsbtc.com
