Bitcoin worth prolonged its improve and climbed above the $66,000 resistance zone. BTC is now displaying constructive indicators and would possibly discover bids close to $65,500.
- Bitcoin gained tempo for a transfer above the $65,500 resistance zone.
- The worth is buying and selling above $65,500 and the 100 hourly Easy transferring common.
- There’s a key bullish pattern line forming with assist at $65,700 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair might appropriate decrease, however the bulls would possibly stay lively close to the $65,500 assist.
Bitcoin Value Positive factors Power
Bitcoin worth began a contemporary improve above the $64,500 and $65,000 resistance ranges. BTC bulls even pushed the worth above the $66,000 resistance. It traded to a brand new weekly excessive at $67,200 and is presently consolidating positive aspects.
The worth is slowly transferring decrease towards the 23.6% Fib retracement degree of the upward transfer from the $64,281 swing low to the $67,200 low. Bitcoin worth remains to be buying and selling above $65,500 and the 100 hourly Easy transferring common.
There may be additionally a key bullish pattern line forming with assist at $65,700 on the hourly chart of the BTC/USD pair. The pattern line is close to the 50% Fib retracement degree of the upward transfer from the $64,281 swing low to the $67,200 low.
Fast resistance is close to the $67,000 degree. The primary main resistance might be $67,200. The subsequent resistance now sits at $68,500. If there’s a clear transfer above the $68,500 resistance zone, the worth might proceed to maneuver up. Within the acknowledged case, the worth might rise towards $70,000.
Supply: BTCUSD on TradingView.com
The subsequent main resistance is close to the $70,500 zone. Any extra positive aspects would possibly ship Bitcoin towards the $72,000 resistance zone within the close to time period.
Draw back Correction In BTC?
If Bitcoin fails to rise above the $67,000 resistance zone, it might begin a draw back correction. Fast assist on the draw back is close to the $66,500 degree.
The primary main assist is $65,700 or the pattern line. If there’s a shut beneath $65,500, the worth might begin to drop towards $65,000. Any extra losses would possibly ship the worth towards the $64,200 assist zone within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now dropping tempo within the bullish zone.
Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now above the 50 degree.
Main Assist Ranges – $66,500, adopted by $65,500.
Main Resistance Ranges – $67,000, $67,200, and $68,500.
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