Bitcoin price is trying a new surge above the $67,000 area. BTC could gain momentum if it crosses the $68,750 resistance area.
- Bitcoin started a new surge from the $65,500 area.
- The price is trading above $67,200 and the 100 hourly simple moving average.
- There is a solid uptrend line forming with support at $67,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain upward momentum if it crosses the $68,750 resistance area.
Bitcoin price is looking forward to further increases
Bitcoin price found support near the $65,500 area. A bottom was formed at $65,531 and the price started a new increase above the $66,200 resistance level.
The price rose above the $67,000 and $67,500 levels. There was a move above the 61.8% Fib retracement level of the downward move from the high of $68,699 to the low of $65,531. There is also a solid uptrend line forming with support at $67,400 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above $67,200 and the 100 hourly simple moving average. On the upside, the price may face resistance near the $68,000 level. It is close to the 76.4% Fib retracement level of the downward move from the high of $68,699 to the low of $65,531.
The first major resistance is near the $68,500 level. A clear move above the $68,500 resistance level could send the price higher. The next major resistance could be $68,750.
A close above the $68,750 resistance could lead to further gains. In the mentioned case, the price may rise and test the resistance level of $69,200. Any further gains may push the price towards the $70,000 resistance level. Any further gains would require a test of $71,200.
Another drop in BTC?
If Bitcoin fails to rise above the $68,000 resistance area, it could start another decline. Immediate support on the downside is near the $67,400 level and trend line.
The first major support is near the $67,200 level. The next support is now near the $66,250 area. Any further losses could send the price towards the $66,000 support level in the near term.
Technical indicators:
Hourly MACD – The MACD indicator is now losing speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key Support Levels – $67,400, followed by $67,200.
Major resistance levels – $68,000 and $68,750.
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