Bitcoin Price Hits Barriers, Can Bulls Overcome Key Resistance Levels?
-
Bitcoin price started a recovery wave above $70,000. BTC is now consolidating above $70,200 and might aim for a steady increase if it clears $71,650.
Bitcoin started a decent recovery wave above $69,800 and $70,200.
The price is trading above $70,200 and the 100 hourly simple moving average.
There is a bullish trend line forming with support at $70,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might start another decline if it stays below the $71,000 and $71,650 levels.
Bitcoin Price Faces HurdlesBitcoin price started a recovery wave above the $69,5500 resistance level. BTC climbed above the $70,200 and $70,500 resistance levels.
The price even spiked above the 50% Fib retracement level of the downward move from the $75,998 swing high to the $67,342 low. The price even climbed toward the $72,000 zone before the bears took a stand and protected more gains.
Bitcoin is now trading above $70,200 and the 100 hourly simple moving average. There is also a bullish trend line forming with support at $70,400 on the hourly chart of the BTC/USD pair.
If the price remains stable above $70,200, it could attempt a fresh increase. Immediate resistance is near the $71,200 level. The first key resistance is near the $71,650 level. A close above the $71,650 resistance might send the price further higher.
In the stated case, the price could rise and test the $72,650 resistance or the 61.8% Fib retracement level of the downward move from the $75,998 swing high to the $67,342 low. Any more gains might send the price toward the $73,200 level. The next barrier for the bulls could be $73,500.Another Decline In BTC?
If Bitcoin fails to rise above the $71,650 resistance zone, it could start another decline. Immediate support is near the $70,400 level. The first major support is near the $70,000 level.
The next support is now near the $69,200 zone. Any more losses might send the price toward the $68,800 support in the near term. The main support now sits at $67,500, below which BTC might struggle to recover in the near term.
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 below the 50 level.
Major Support Levels – $70,000, followed by $69,200.
Major Resistance Levels – $71,200 and $71,650.
source: https://www.tradingview.com/news/newsbtc:07db70df7094b:0-bitcoin-price-hits-barriers-can-bulls-overcome-key-resistance-levels/
Hello! It looks like you're interested in this conversation, but you don't have an account yet.
Getting fed up of having to scroll through the same posts each visit? When you register for an account, you'll always come back to exactly where you were before, and choose to be notified of new replies (either via email, or push notification). You'll also be able to save bookmarks and upvote posts to show your appreciation to other community members.
With your input, this post could be even better 💗
نامنویسی درون آمدن