Bitcoin Price Resurgence: Ready for Another Upswing?



Bitcoin
price
stayed
above
the
$68,500
support
zone.
BTC
is
now
consolidating
and
might
aim
for
a
fresh
increase
above
the
$70,150
resistance.

  • Bitcoin
    found
    support
    near
    $68,500
    and
    started
    a
    decent
    recovery
    wave.
  • The
    price
    is
    trading
    below
    $70,000
    and
    the
    100
    hourly
    Simple
    moving
    average.
  • There
    is
    a
    key
    bullish
    trend
    line
    forming
    with
    support
    at
    $69,500
    on
    the
    hourly
    chart
    of
    the
    BTC/USD
    pair
    (data
    feed
    from
    Kraken).
  • The
    pair
    could
    decline
    again
    if
    there
    is
    no
    move
    above
    the
    $70,150
    resistance.

Bitcoin
Price
Faces
Resistance

Bitcoin
price
extended
its
decline
below
the

$70,000
support
zone.
BTC
even
declined
below
the
$69,500
level
before
the
bulls
appeared
near
$68,500.
A
low
was
formed
at
$68,409
and
the
price
is
now
attempting
a
recovery
wave.

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There
was
a
move
above
the
$69,250
resistance
zone.
The
price
climbed
above
the
23.6%
Fib
retracement
level
of
the
downward
move
from
the
$71,900
swing
high
to
the
$68,409
low.

Bitcoin
is
now
trading
below
$70,000
and
the

100
hourly
Simple
moving
average.
However,
there
is
a
key
bullish
trend
line
forming
with
support
at
$69,500
on
the
hourly
chart
of
the
BTC/USD
pair.
On
the
upside,
the
price
is
facing
resistance
near
the
$70,000
level.

Source:

BTCUSD
on
TradingView.com

The
first
major
resistance
could
be
$70,150
and
the
50%
Fib
retracement
level
of
the
downward
move
from
the
$71,900
swing
high
to
the
$68,409
low.
The
next
key
resistance
could
be
$70,550.
A
clear
move
above
the
$70,550
resistance
might
send
the
price
higher.
In
the
stated
case,
the
price
could
rise
and
test
the
$71,200
resistance.
Any
more
gains
might
send
BTC
toward
the
$72,000
resistance.

Another
Decline
In
BTC?

If
Bitcoin
fails
to
climb
above
the
$70,150
resistance
zone,
it
could
start
another
decline.
Immediate
support
on
the
downside
is
near
the
$69,500
level
and
the
trend
line.

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The
first
major
support
is
$69,150.
The
next
support
is
now
forming
near
$68,500.
Any
more
losses
might
send
the
price
toward
the
$67,500
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

$69,500,
followed
by
$68,500.

Major
Resistance
Levels

$70,150,
and
$70,500.

Go to Source
Author: Aayush Jindal


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