Bitcoin value is rising and is presently buying and selling above the $70,000 resistance zone. BTC might proceed to rise to the $73,000 and $75,000 ranges within the brief time period.
- Bitcoin value stays in constructive territory above $66,500.
- The worth is buying and selling above $70,000 and the 100 hourly easy transferring common.
- There’s a bullish development line forming with help at $67,500 on the hourly chart of the BTC/USD pair (information by way of Kraken).
- The pair is more likely to proceed rising if it breaks the $71,200 resistance zone.
Bitcoin value resumes rise
Bitcoin value stays secure above the $65,000 resistance zone. BTC climbed above the $67,500 and $68,000 resistance ranges. The bulls even pushed the worth above the $68,800 and $70,000 resistance ranges.
A brand new weekly excessive was fashioned close to $71,217 and the worth is now consolidating good points. It was buying and selling close to the 23.6% Fib retracement of the upward transfer from the $66,810 swing low to $71,217 excessive. Bitcoin can also be buying and selling above $70,000 and the 100 hourly easy transferring common.
There’s additionally a bullish development line forming with help at $67,500 on the hourly chart of the BTC/USD pair. The trendline is near the 76.4% Fib retracement of the upward transfer from the $66,810 swing low to $71,217 excessive.
Supply: BTCUSD on TradingView.com
Quick resistance lies close to $70,500. The primary main resistance degree is more likely to be $71,200. If there’s a clear break above the $71,200 resistance zone, the worth might proceed to strengthen. Within the above state of affairs, the worth might even break the $73,500 resistance zone within the close to time period. The following key resistance degree is $75,000.
Bitcoin falling once more?
If Bitcoin fails to interrupt the $71,200 resistance, it could begin one other decline. Quick help on the draw back is close to $70,000.
The primary main help degree is $69,000. The following help is positioned at $67,800 and the development line. If there’s a shut under $67,800, the worth might begin falling in direction of the $66,800 degree. Any additional losses might push the worth in direction of the $65,500 help space within the brief time period.
Technical indicators:
Hourly MACD – The MACD is now shedding velocity within the bullish zone.
Hourly RSI (Relative Power Index) – The RSI for BTC/USD is presently above the 60 degree.
The principle help degree – $69,000, adopted by $67,800.
The principle resistance ranges – $70,500, $71,200 and $73,500.
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