Bitcoin Price Trims Gains, But Uptrend Still Holds | Crypto News
Bitcoin price began a strong increase above the $70,500 zone. BTC is consolidating positive factors and may goal for more positive factors above the $71,650 zone.
- Bitcoin gained tempo for a transfer above the $70,500 and $71,500 ranges.
- The price is trading above $70,200 and the 100 hourly simple transferring average.
- There is a new bullish flag sample forming with resistance at $71,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may lengthen positive factors if it stays above the $70,250 and $69,500 ranges.
Bitcoin Price Holds Support
Bitcoin price managed to climb larger above the $69,500 resistance zone. BTC gained tempo for a transfer above the $70,500 and $71,200 ranges.
The pair even rallied above the $72,200 degree. A high was fashioned at $72,728, and the price began a draw back correction. There was a transfer below the 23.6% Fib retracement degree of the upward transfer from the $67,735 swing low to the $72,728 high.
However, the bulls had been lively above $70,000. Bitcoin is now trading above $70,500 and the 100 hourly simple transferring average. If the price stays secure above $70,000, it might attempt a recent increase. Immediate resistance is close to the $71,650 degree. There is also a new bullish flag sample forming with resistance at $71,650 on the hourly chart of the BTC/USD pair.
The first key resistance is close to the $72,000 degree. A close above the $72,000 resistance may ship the price additional larger. In the said case, the price might rise and take a look at the $72,800 resistance. Any more positive factors may ship the price toward the $73,500 degree. The next barrier for the bulls may very well be $74,000.
More Losses In BTC?
If Bitcoin fails to rise above the $71,650 resistance zone, it might start another decline. Immediate help is close to the $70,300 degree or the 50% Fib retracement degree of the upward transfer from the $67,735 swing low to the $72,728 high.
The first major help is close to the $70,000 degree. The next help is now close to the $69,650 zone. Any more losses may ship the price toward the $69,000 help in the close to time period. The main help now sits at $68,800, below which BTC may battle to get well in the close to time period.
Technical indicators:
Hourly MACD – The MACD is now dropping tempo in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now close to the 50 degree.
Major Support Levels – $70,300, adopted by $70,000.
Major Resistance Levels – $71,650 and $72,800.
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