Bitcoin price is rising above the $70,000 resistance level again. BTC appears to be preparing for a steady rise above the $71,500 resistance zone.
- Bitcoin price is rising above the $70,000 resistance zone.
- The price is trading above $70,500 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows an important bullish trendline forming with support at $70,200.
- A break above the $71,500 resistance could soon start a new rally.
Bitcoin price gains strength again
Bitcoin price found good support above the $69,000 resistance zone. BTC crossed the $70,000 resistance area and moved back into positive territory.
The price broke through the $71,000 level and retested $71,500. A high was formed around $71,539 and there was a downward correction. There was a slight decline below the 23.6% Fib retracement level of the upward move from the $68,468 swing low to the $71,539 high.
Bitcoin is currently trading above $70,000 and the 100-hour simple moving average. There is also an important bullish trendline with support at $70,200 on the hourly chart of the BTC/USD pair.
Source: TradingView.com BTCUSD
Immediate resistance is near the $71,200 level. The first major resistance could be at $71,500. If there is a clear move above the $71,500 resistance zone, the price could rise significantly. If indicated, the price may clear the resistance area of $72,500 in the near term. The next major resistance is near $73,500.
Another drop in BTC?
If Bitcoin fails to rise above the $71,500 resistance zone, another decline could begin. Immediate support for the downside is near the $70,200 level and trend line.
The first major support is $70,000 and the 50% Fib retracement level of the rise from the $68,468 swing low to the $71,539 high. The next support level is $69,200. If it closes below $69,200, the price could start to fall towards the $68,000 level. More losses could lead the price towards the $66,500 support area in the near term.
Technical indicators:
Hourly MACD – MACD is now picking up speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $70,200, then $69,200.
Key resistance levels – $71,200, $71,500 and $73,500.
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