Bitcoin price is showing some positive signs above the $68,500 resistance. For BTC to continue rising in the short term, it will need to settle above the $70,000 resistance.
- Bitcoin is aiming for a steady rise above the $69,500 and $70,000 levels.
- The price is trading above $68,000 and the 100 hourly simple moving average.
- On the hourly chart of the BTC/USD pair, a major bullish trendline is forming with support near $68,800 (data feed from Kraken).
- If it breaks above the $68,000 support zone, the pair could start a further move higher.
Bitcoin price maintains support
Bitcoin price has started a decent rise above the $67,500 resistance zone. BTC cleared the $68,500 and $68,800 resistance levels and moved into the positive zone.
The price further surged above the $70,000 resistance zone. A high was formed near the $70,300 level and the price is now correcting upwards. There was a move below the $70,000 level. There was a move below the 23.6% Fib retracement level of the upward movement from the swing low of $65,116 to the high of $70,300.
Bitcoin is currently trading above $68,000 and its 100-hour simple moving average. Immediate resistance is near the $69,800 level. The first major resistance level could be he $70,000.
Source: BTCUSD on TradingView.com
The next resistance level is currently located at $70,300. A clear move above the $70,300 resistance zone could cause the price to start a new upward move. In the above case, the price could rise towards he $71,200. The next major resistance level is near the $72,000 zone. Any further rally could send Bitcoin heading towards the $73,500 resistance zone in the near term.
Are BTC dips limited?
If Bitcoin fails to rise above the $70,000 resistance zone, a downside correction could begin. Immediate support on the downside is near the $69,000 level or trend line.
The first major support is $67,800, or the 50% fib retracement level of the swing low of $65,116 to the high of $70,300. The next support is $66,500. If the closing price falls below $66,500, the price may start declining towards the $65,350 level. Any further losses could send the price towards the $62,500 support zone in the short term.
Technical indicators:
Hourly MACD – The MACD is currently losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently near the 50 level.
Major support level – $68,800 followed by $67,800.
Key resistance levels – $69,800, $70,000, $71,200.
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