Bitcoin price expects more gains above the USD 73,000 resistance. BTC is preparing for a move towards the near-term resistance at $75,000.
- Bitcoin price is showing positive signs and expects more gains above the $73,000 zone.
- The price is trading above USD 72,500 and the 100 hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $72,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it overcomes the USD 73,450 and USD 73,500 resistance levels.
Bitcoin Price Sets New ATH
Bitcoin price remained well above the $72,000 level. BTC formed a base and started a new rise above the USD 72,500 resistance. The price even broke the $73,000 level.
It traded to a new all-time high above $73,500 before staging a downward correction. The price fell below the $73,000 and $72,500 levels. A low was formed around $71,725 and the price is rising again. There was a move above the USD 73,000 level.
Bitcoin is now trading above $72,500 and the 100 hourly Simple Moving Average. It holds gains above the 50% Fib retracement level of the upward move from the $71,725 swing low to the $73,485 high.
Source: BTCUSD on TradingView.com
The immediate resistance is near the $73,200 level. The next major resistance could be at USD 73,500, above which the price could rise towards the USD 74,200 resistance zone. If there is a clear move above the USD 74,200 resistance zone, the price might even try to make a move above the USD 75,000 resistance zone. Any further gains could send the price towards the USD 76,500 level.
Another Downward Correction in BTC?
If Bitcoin fails to rise above the USD 73,500 resistance zone, a downward correction could occur. The immediate downside support is near the $72,800 level and the trendline.
The first major support is the $72,150 or 76.4% Fib retracement level of the upward move from the $71,725 swing low to the $73,485 high. If there is a close below $72,150, the price could start a decent pullback towards the $70,000 level. Any further losses could send the price towards the $68,500 support zone.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 72,800, followed by USD 72,150.
Major resistance levels – $73,200, $73,500 and $75,000.
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