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Bitcoin price rose above the $67,500 resistance area. BTC is now consolidating and may cross the $68,350 resistance level to continue higher.
- Bitcoin remained stable and extended its gains above the $68,000 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 $66,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise further if there is a close above the $68,000 resistance area.
Bitcoin price remains supported for more positives
Bitcoin price remained supported and continued to rise above the $67,500 resistance level. BTC crossed the $67,800 resistance level to move into positive territory. The price even rose above the $68,000 and $68,200 resistance levels.
The price traded as high as $68,328 and is currently consolidating gains. There was a slight decline below the $68,000 level. The price fell and tested the 23.6% Fibonacci retracement level of the upward move from the swing low at $64,686 to the swing high at $68,328.
Bitcoin price is now trading above $67,200 and the 100 hourly simple moving average. There is also a solid uptrend line forming with support at $66,800 on the hourly chart of the BTC/USD pair.
On the upside, the price may face resistance near the $68,000 level. The first major resistance is near the $68,350 level. A clear move above the $68,350 resistance level could send the price higher. The next major resistance could be $68,800.
A close above the $68,800 resistance could lead to further gains. In the mentioned case, the price may rise and test the $70.0200 resistance level. Any further gains may push the price towards the $72,000 resistance level.
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 $66,800 level and trend line.
The first major support is near the $66,500 level and the 50% Fibonacci retracement level of the upward move from the $64,686 swing low to the $68,328 high. The next support is now located near the $66,500 area. Any further losses could send the price towards the $65,400 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 – $66,800, followed by $65,400.
Major resistance levels – $68,000 and $68,350.
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