Bitcoin price is looking to rise further above the $73,000 resistance level. BTC is preparing for a move towards $75,000 resistance in the near term.
- Bitcoin price is showing positive signs and is eyeing further upside above $73,000.
- The price is trading above $72,500 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) has a bullish trendline attached with support at $72,800.
- A break above the $73,450 and $73,500 resistance levels could continue the upward move for the currency pair.
Bitcoin price sets new ATH
Bitcoin price remained above the $72,000 level. BTC formed a base and began a new rise above the $72,500 resistance. The price also exceeded the $73,000 level.
It traded at an all-time high above $73,500 before a downward correction. The price fell below the $73,000 and $72,500 levels. A low was formed near $71,725 and the price is rising again. There was a move above the $73,000 level.
Bitcoin is currently trading above $72,500 and the 100-hour simple moving average. It is holding gains above the 50% Fib retracement level rising from the $71,725 swing low to the $73,485 high.
Source: TradingView.com BTCUSD
Immediate resistance is near the $73,200 level. The next major resistance level could be $73,500, above which the price may rise towards the $74,200 resistance zone. In case of a clear break above the $74,200 resistance zone, the price may try to move above the $75,000 resistance zone. More profits could push the price higher to the $76,500 level.
Another shortcoming of BTC fixed?
If Bitcoin fails to rise above the $73,500 resistance zone, a downward correction could begin. Immediate support for the downside is near the $72,800 level and trend line.
The first major support is at $72,150, or the 76.4% Fib retracement level of the upward move from the $71,725 swing low to the $73,485 high. If it closes below $72,150, the price could begin a significant decline towards the $70,000 level. Any more losses could lead the price towards the $68,500 support area.
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 – $72,800, then $72,150.
Key resistance levels – $73,200, $73,500 and $75,000.
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