Bitcoin price is consolidating gains above the USD 69,000 support zone. BTC needs to clear the USD 71,500 resistance zone to start a steady rise.
- Bitcoin price is still showing positive signs and is facing resistance around $71,500.
- The price is trading above USD 69,000 and the 100 hourly Simple Moving Average.
- A major bullish trendline is forming with support at $69,120 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise again if it breaks the $71,500 resistance zone.
Bitcoin price holds support
Bitcoin price remained in a positive zone above the USD 68,800 resistance zone. BTC climbed higher at the USD 70,000 resistance zone, but the bears were active around the USD 71,500 level.
There were more than two attempts to reach the $71,500 level, but the bulls failed. There was a downward correction and the price tested the support at $68,400. A low was formed at $68,366 and the price is now starting a decent climb.
There was a move above the 23.6% Fib retracement level of the downward move from the $71,746 swing high to the $68,366 low. Bitcoin is now trading above $69,000 and the 100 hourly Simple Moving Average. There is also a major bullish trendline forming with support at $69,120 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the $70,000 level or the 50% Fib retracement level of the downward move from the $71,746 swing high to the $68,366 low. The first major resistance could be at $71,200.
Source: BTCUSD on TradingView.com
The main resistance is still around $71,500. If there is a clear move above the USD 71,500 resistance zone, the price could continue to gain strength. In the said case, the price could even cross the USD 72,500 resistance zone in the short term.
Lose more in BTC?
If Bitcoin fails to rise above the USD 71,200 resistance zone, it could trigger another decline. The immediate downside support is near the $69,200 level and the trendline.
The first major support is at $68,400. The next support is at $67,500. If there is a close below $67,500, the price may start falling towards the $66,000 level. Any further losses could send the price towards the $66,000 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – $68,400, followed by $67,000.
Major resistance levels – $70,000, $71,500 and $73,500.
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