Bitcoin price began a new rise, breaking the $74,650 area. BTC is consolidating and could target further gains above the $75,500 level.
- Bitcoin began a new rally, holding above $73,500.
- The price is trading above $74,200 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), there is a break above the bearish trend line at $74,800, which is the resistance level.
- The pair could extend its gains if it stays above the $73,650 and $73,300 levels.
Bitcoin price rise reverses
Bitcoin price found support near $73,200 and started a new rise. BTC gained speed above the $73,650 and $74,000 resistance levels.
On the hourly chart of the BTC/USD pair, there was a break above the bearish trend line at the resistance level of $74,800. A high was formed at $75,500 and the price is currently correcting to the upside. It moved below the 23.6% Fib retracement level of the upward move from the $73,310 swing low to the $75,500 high.
Bitcoin is currently trading above $74,200 and the 100-hour simple moving average. If the price remains stable above $73,800, a new increase could be attempted. Immediate resistance is near the $75,000 level. The first major resistance is near the $75,500 level. A break above the $75,500 resistance could push the price higher. If indicated, the price could rise to test the $76,200 resistance. More profits could push the price higher to the $77,400 level. The next barrier for the bulls could be $78,000.
Another drop in BTC?
If Bitcoin fails to rise above the $75,000 resistance zone, another decline could begin. Immediate support is near the $74,150 level and the 61.8% Fib retracement level of the rise from the $73,310 swing low to the $75,500 high. The first major support is near the $73,650 level.
The next support is now near the $73,300 area. More losses could push the price towards the $72,000 support in the near term. Key support is currently at $71,200, below which BTC may find it difficult to recover in the near term.
Technical indicators:
Hourly MACD – MACD is now losing speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $73,650, then $73,300.
Key resistance levels – $75,000 and $75,500.