Bitcoin Price Consolidates Above Support, Breakout Hopes Strengthen

Bitcoin worth began an honest enhance above $68,000. BTC is now consolidating above $66,250 and may purpose for extra positive factors above $68,800.

• Bitcoin began a recent enhance after it settled above the $67,200 help.
• The worth is buying and selling above $67,200 and the 100 hourly easy shifting common.
• There’s a new bearish pattern line forming with resistance at $68,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may dip once more if it trades under the $66,500 and $66,250 ranges.

Bitcoin Worth Dips To Assist

Bitcoin worth managed to type a base above the $66,500 zone. BTC began a recent enhance and was capable of surpass the $68,000 resistance zone.

The worth even rallied above the $68,800 resistance. Lastly, the bears appeared close to $70,000. A excessive was shaped at $70,000, and the worth just lately corrected some positive factors. There was a transfer under the 38.2% Fib retracement stage of the upward transfer from the $62,500 swing low to the $70,000 excessive.

Bitcoin is now buying and selling above $67,000 and the 100 hourly easy shifting common. If the worth stays secure above $67,000, it might try a recent enhance. Speedy resistance is close to the $68,000 stage. There’s additionally a brand new bearish pattern line forming with resistance at $68,000 on the hourly chart of the BTC/USD pair.

The primary key resistance is close to the $68,250 stage. An in depth above the $68,250 resistance may ship the worth additional increased. Within the acknowledged case, the worth might rise and take a look at the $69,500 resistance. Any extra positive factors may ship the worth towards the $70,000 stage. The subsequent barrier for the bulls may very well be $70,500 and $71,200.

Draw back Continuation In BTC?

If Bitcoin fails to rise above the $68,000 resistance zone, it might begin one other decline. Speedy help is close to the $67,000 stage. The primary main help is close to the $66,250 stage or the 50% Fib retracement stage of the upward transfer from the $62,500 swing low to the $70,000 excessive.

The subsequent help is now close to the $65,500 zone. Any extra losses may ship the worth towards the $65,000 help within the close to time period. The primary help now sits at $63,500, under which BTC may wrestle to recuperate within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bullish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now above the 50 stage.

Main Assist Ranges – $67,000, adopted by $66,500.

Main Resistance Ranges – $68,000 and $68,500.