Bitcoin price rose and tested the $66,500 area. BTC is now consolidating gains and may attempt another surge towards $67,500.
- Bitcoin started the consolidation phase from the $66,500 resistance area.
- The price is trading above $65,000 and the 100 hourly simple moving average.
- There is a major uptrend line forming with support at $65,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another rally unless the bears push it below $63,800.
Bitcoin price remains supported
Bitcoin price formed a base and started a new rise above the $63,500 level. BTC even crossed the $65,500 resistance and tested the $66,500 area. A new weekly high was formed at $66,565 and the price is now consolidating its gains.
There was a slight decline below the $66,000 level. The price fell below the 23.6% Fibonacci retracement level of the upward move from the swing low at $61,073 to the swing high at $66,565.
Bitcoin price is now trading above $65,000 and the 100 hourly simple moving average. There is also a major uptrend line forming with support at $65,150 on the hourly chart of the BTC/USD pair. Immediate resistance is located near the $65,600 level.
The first major resistance could be at $66,000. The next major resistance could be $66,500. A clear move above the $66,500 resistance level could send the price higher. In the mentioned case, the price may rise and test the $67,200 resistance level.
source: BTCUSD on TradingView.com
If the bulls remain in action, the price could rise towards the $68,000 resistance area. Any further gains could send BTC towards the $70,000 mark.
Another drop in BTC?
If Bitcoin fails to rise above the $66,000 resistance area, it may continue to move lower. Immediate support on the downside is near the $65,150 level and the trend line.
The first major support is $64,200. Major support is now forming near $63,800 or the 50% Fibonacci retracement level of the upward move from the swing low of $61,073 to the swing high of $66,565. Any further losses could send the price towards the $63,150 support area 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 – $65,150, followed by $63,800.
Major resistance levels – $66,000, $66,500, and $67,200.
