The Bitcoin price has again risen above the resistance level of $70,000. BTC appears to be preparing for a gradual increase over the $71,500 support zone.
- Bitcoin’s price has risen above the $70,000 barrier.
- The 100 hourly simple moving average and price are above 70,500 dollars.
- A crucial bullish line is developing with the support of $70,200 at the hourly BTC/USD chart (data feed by Kraken).
- If the pair clears $71,500, it could start another rally.
Bitcoin price gains strength
The Bitcoin price is still well supported above the $69,000 resistance zone. BTC moved back into the positive territory after climbing above $70,000.
Price broke through the $71,000 mark and tested $71,500. The price formed a new high at $71,539, and there was an immediate correction on the downside. A minor drop was seen below the Fib level 23.6% retracement of the move upward from the swing low at $68,468 to the high at $71,539
Bitcoin now trades above $70,00 and 100 hourly Simple moving average. On the hourly BTC/USD chart, there is also an important bullish trendline forming. The support level for this line is $70200.
Source: BTCUSD on TradingView.com
The immediate resistance level is around $71,200. First major resistance may be at $71,500. Price could increase if the resistance level of $71,500 is clearly moved above. Price could clear $72,500 in near-term. The price of the car could be as high as $72,500 in the short term. next The $73,500 area is a major zone of resistance.
BTC to decline again?
Bitcoin could begin a new decline if it fails to break through the resistance level of $71,500. Near the $71,200 and trendline, the level of immediate support for the downtrend is $70200.
The 50% Fib level is the first major support at $70,000. This represents the move up from the $68,468 low swing to the $71,539 peak. The next Support is at $69200. Price could drop to $68,000 if the close is below $69,200. If the price continues to drop, it could soon reach the support level of $66,500.
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 – $70,200, followed by $69,200.
Major Resistance Levels – $71,200, $71,500, and $73,500.
Disclaimer article It is intended solely for educational use. NewsBTC does not give its opinion on the best way to invest, whether you should buy, hold or sell any investment. Investing is risky and comes with risks. It is recommended that you conduct your own research. own Do your research before you make any investments. You are solely responsible for the use of information on this site. own risk.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com