Bitcoin has climbed over the resistance level of $66,000 and is now consolidating. BTC now aiming for the next Move above the resistance zone of $67,200
- Bitcoin looks to make a nice increase over the resistance level of $67,200.
- Above the Simple 100-hour Moving Average, and above $65,500.
- The hourly chart for the BTC/USD pairs shows a connective bullish trendline with support at $65900. (Data feed from Kraken)
- If the pair clears $67,200’s resistance area then it could start to gain momentum.
Bitcoin price is aiming for more upsides
The Bitcoin price has started to rise. fresh increase Above the resistance levels of $65,500 or $66,000. BTC has even reached a level above $67,000. This cryptocurrency has traded at a high of $67200, and it is now consolidating its gains.
Bitcoin price is still trading above $65,500 and the price has stayed stable over the 23.6% level for the Fib retracement of the move upwards from the swing-low $64,280 low to the $67200 low. Bitcoin is currently trading at a price above $65,500. 100 hourly Simple moving average.
A bullish connecting trend line is also visible on the BTC/USD hourly chart. It has a support level of $65,900. The trend line lies near the 50% Fib level for the upswing from the swing-low of $64,280 to the low of $67200.
Near $67,000 is the immediate level of resistance. First major resistance may be at $67,200. If the price moves clearly above the $67.200 resistance, it could send it higher. If the price moves above $67,200 then it could go higher. next Resistance is currently at $68,500. Price could move higher if the zone of resistance at $68,500 is clearly broken. If the above scenario is true, then the price may rise to $70,000.
Source: BTCUSD on TradingView.com
It is important to note that the word “you” means “you”. next The major resistance zone is around the $72,500 area. Bitcoin could reach the $72,000 zone of resistance in the short term if it gains more.
What is the limit for dips in BTC?
Bitcoin could begin a correction to the downside if it fails to break through $67,000. The $66,200 support level is the immediate downside support.
First, the trendline or $66,000 is a major support. Price could drop towards $65,400 if the close is below $66,000. If the price continues to drop, it could soon reach the support level of $64,200.
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 above the 50 level.
Major Support Levels – $66,200, followed by $66,000.
Major Resistance Levels – $67,000, $67,200, and $68,500.
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