Bitcoin worth prolonged its rally and crossed the $66,000 resistance zone. BTC is presently displaying optimistic indicators and may very well be bid close to $65,500.
- Bitcoin picked up 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.
- On the hourly chart of the BTC/USD pair, a significant bullish development line is forming with help at $65,700 (information feed from Kraken).
- The pair might right draw back, however the bulls are more likely to stay lively close to the $65,500 help.
Bitcoin worth rises
Bitcoin worth has began a brand new rally above the $64,500 and $65,000 resistance ranges. BTC bulls pushed the value even above the $66,000 resistance. It traded to a weekly excessive of $67,200 and is presently consolidating its positive factors.
Worth is slowly declining in direction of the 23.6% Fib retracement stage of the swing low of $64,281 to the low of $67,200. Bitcoin worth continues to be buying and selling above $65,500 and its 100 hourly easy transferring common.
There’s additionally a major bullish development line forming with help at $65,700 on the hourly chart of the BTC/USD pair. The trendline is positioned close to the 50% Fib retracement stage of the swing low of $64,281 to the low of $67,200.
Speedy resistance is close to the $67,000 stage. The primary main resistance stage may very well be at $67,200. The following resistance stage is presently positioned at $68,500. If there’s a clear transfer above the $68,500 resistance zone, the value might proceed increased. Within the above case, the value might rise in direction of he $70,000.
sauce: BTCUSD on TradingView.com
The following main resistance stage is close to the $70,500 zone. Any additional rally might ship Bitcoin heading in direction of the $72,000 resistance zone within the close to time period.
BTC downward worth correction?
If Bitcoin fails to rise above the $67,000 resistance zone, a draw back correction might start. Speedy help on the draw back is close to the $66,500 stage.
The primary main help is $65,700 or the trendline. If the closing worth falls under $65,500, the value could begin to fall in direction of $65,000. Any additional losses might ship the value in direction of the $64,200 help zone within the quick time period.
Technical indicators:
Hourly MACD – The MACD is presently dropping tempo within the bullish zone.
Hourly RSI (Relative Power Index) – BTC/USD’s RSI is presently above the 50 stage.
Main help stage – $66,500 adopted by $65,500.
Key resistance ranges – $67,000, $67,200, $68,500.
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