Bitcoin price is rising again above the $70,000 resistance zone. BTC appears to be preparing for a steady rise above the $71,500 resistance zone.
- Bitcoin price is rising and above the $70,000 resistance zone.
- The price is trading above $70,500 and the 100 hourly simple moving average.
- There is a crucial uptrend line forming with support at $70,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could soon start a new rally if it surpasses the $71,500 resistance zone.
Bitcoin price regains strength
Bitcoin price remained well supported above the $69,000 resistance zone. BTC climbed further above the $70,000 resistance zone to re-enter a positive zone.
The price broke the $71,000 level and retested $71,500. A high was formed near $71,539 and there was a downside correction. There was a small decline below the 23.6% Fibonacci retracement level of the upward move from the low of $68,468 to the high of $71,539.
Bitcoin is now trading above $70,000 and the 100 hour simple moving average. There is also a crucial uptrend line forming with support at $70,200 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
Immediate resistance is near the $71,200 level. The first major resistance could be at $71,500. If there is a clear move above the $71,500 resistance zone, the price could start a strong rise. In the stated case, the price could even surpass the $72,500 resistance zone in the short term. The next major resistance is near the $73,500 zone.
Another decline in BTC?
If Bitcoin fails to rise above the $71,500 resistance zone, it could begin another decline. Immediate downside support is near the $70,200 level and trendline.
The first major support is at $70,000 and the 50% Fibonacci retracement level of the upward move from the $68,468 swing low to the $71,539 high. The next support is at $69,200. If there is a close below $69,200, the price could begin a decline towards the $68,000 level. Further losses could send the price towards the $66,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $70,200, followed by $69,200.
Main resistance levels – $71,200, $71,500 and $73,500.
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