This article is available in Spanish.
Bitcoin price extended gains above the USD 68,000 resistance zone. BTC is now consolidating and targeting more gains above the USD 69,500 resistance.
- Bitcoin held steady and extended gains above the $68,500 zone.
- The price is trading above USD 68,500 and the 100 hourly Simple Moving Average.
- A major contracting triangle is forming with support at $68,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise further if a close above the $69,450 resistance zone.
Bitcoin price rises towards $70,000
Bitcoin price remained supported above the $67,500 zone. BTC started another small rise above the USD 68,000 resistance zone. The bulls managed to cross the $68,800 mark.
The price even reached the $69,000 level. It reached a high near $69,428 and the price is now consolidating gains. There was a small decline below the $69,000 level, but the price is stable above the 23.6% Fib retracement level of the upward move from the $66,644 swing low to the $69,428 high.
Bitcoin price is now trading above $68,200 and the 100 hourly Simple Moving Average. A major contracting triangle is also forming with support at $68,750 on the hourly chart of the BTC/USD pair.
On the upside, the price could encounter resistance near the USD 69,200 level. The first major resistance is near the $69,500 level. A clear move above the USD 69,500 resistance could push the price higher. The next major resistance could be at USD 70,000.
A close above the $70,000 resistance could lead to more gains. In the said case, the price could rise and test the USD 71,200 resistance level. Any further gains could send the price towards the USD 72,000 resistance level.
Another drop in BTC?
If Bitcoin fails to rise above the USD 69,500 resistance zone, it could trigger another decline. The immediate downside support is near the $68,750 level and the triangle trendline.
The first major support is near the $68,050 level and the 50% Fib retracement level of the upward move from the $66,644 swing low to the $69,428 high. The next support is now near the $67,400 zone. Any further losses could send the price towards the USD 66,500 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – $68,750, followed by $68,500.
Major resistance levels – $69,500 and $70,000.
