TA: Bitcoin Corrects From Record High, Dips Remain Attractive

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Bitcoin broke the $65,000 resistance and traded to a new all-time high against the US Dollar. BTC is correcting gains, but dips could remain attractive near $63,000.

  • Bitcoin gained pace above the $65,000 and $65,500 resistance levels.
  • The price is now trading above $63,000 and the 100 hourly simple moving average.
  • There is a crucial bullish trend line forming with support near $63,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is correcting gains, but dips might remain limited below $62,000 in the near term.

Bitcoin Price Remains In Uptrend

Bitcoin price extended its increase above the $63,500 resistance zone. BTC broke the key $65,000 resistance zone and settled above the 100 hourly simple moving average.

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It even spiked above the $65,500 resistance and traded to a new all-time high at $66,982. It is currently correcting lower and trading below the $66,000 level. There was a break below the 23.6% Fib retracement level of the upward wave from the $61,320 swing low to $66,982 high.

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An immediate support is near the $64,200 level. There is also a crucial bullish trend line forming with support near $63,000 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

On the upside, an initial resistance is near the $65,200 level. The first key resistance is near the $65,500 level. A clear break above the $65,500 resistance could open the doors for more upsides. The next major resistance sits near the $66,800 level, above which the price might rise towards the $68,000 level. Any more gains could lead the price towards the $68,000 level.

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Dips Supported In BTC?

If bitcoin fails to clear the $65,500 resistance zone, it could extend its downside correction. An immediate support on the downside is near the $64,200 level.

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The first major support is now forming near the $64,150 level. It is near the 50% Fib retracement level of the upward wave from the $61,320 swing low to $66,982 high. The main support is near the trend line and $63,400, below which the price might decline towards the $63,000 support and the 100 hourly SMA.

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 – $64,150, followed by $63,400.

Major Resistance Levels – $65,500, $66,800 and $68,000.

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Author: Aayush Jindal


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