Bitcoin price started a strong increase above the $70,500 zone. BTC is consolidating gains and might aim for more gains above the $71,650 zone.
Bitcoin gained pace for a move above the $70,500 and $71,500 levels.
The price is trading above $70,200 and the 100 hourly simple moving average.
There is a new bullish flag pattern forming with resistance at $71,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might extend gains if it stays above the $70,250 and $69,500 levels.
Bitcoin price managed to climb higher above the $69,500 resistance zone. BTC gained pace for a move above the $70,500 and $71,200 levels.
The pair even rallied above the $72,200 level. A high was formed at $72,728, and the price started a downside correction. There was a move below the 23.6% Fib retracement level of the upward move from the $67,735 swing low to the $72,728 high.
However, the bulls were active above $70,000. Bitcoin is now trading above $70,500 and the 100 hourly simple moving average. If the price remains stable above $70,000, it could attempt a fresh increase. Immediate resistance is near the $71,650 level. There is also a new bullish flag pattern forming with resistance at $71,650 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $72,000 level. A close above the $72,000 resistance might send the price further higher. In the stated case, the price could rise and test the $72,800 resistance. Any more gains might send the price toward the $73,500 level. The next barrier for the bulls could be $74,000.
If Bitcoin fails to rise above the $71,650 resistance zone, it could start another decline. Immediate support is near the $70,300 level or the 50% Fib retracement level of the upward move from the $67,735 swing low to the $72,728 high.
The first major support is near the $70,000 level. The next support is now near the $69,650 zone. Any more losses might send the price toward the $69,000 support in the near term. The main support now sits at $68,800, below which BTC might struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major Support Levels – $70,300, followed by $70,000.
Major Resistance Levels – $71,650 and $72,800.
[#item_full_content]NewsBTCRead MoreTehran says three clauses of the ceasefire have been breached, oil is rebounding toward $97,…
Lightning Labs CTO Olaoluwa Osuntokun demos a prototype that could prevent millions of wallets from…
Bitcoin (BTC) could be preparing for another major bull rally as a Golden Cross has…
Data shows the uplift that Bitcoin and other cryptocurrencies have seen during the past day…
Bitcoin’s active address momentum has sunk to its weakest point since April 2018, even as…
A crypto analyst known as CrypFlow has outlined what he believes will certify the true…
