Can It Power Toward New Gains?

Bitcoin value climbed additional greater above the $67,500 resistance zone. BTC is now consolidating and would possibly clear the $68,350 resistance to proceed greater.

• Bitcoin remained secure and prolonged good points above the $68,000 zone.
• The worth is buying and selling above $67,200 and the 100 hourly Easy shifting common.
• There’s a connecting bullish development line forming with assist at $66,800 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might rally additional if there’s a shut above the $68,000 resistance zone.

Bitcoin Worth Stays Supported for Extra Upsides

Bitcoin value remained supported and prolonged its improve above the $67,500 resistance. BTC cleared the $67,800 resistance to maneuver right into a optimistic zone. The worth even rallied above the $68,000 and $68,200 resistance ranges.

The worth traded as excessive as $68,328 and at the moment consolidating good points. There was a minor decline under the $68,000 degree. The worth dipped and examined the 23.6% Fib retracement degree of the upward transfer from the $64,686 swing low to the $68,328 excessive.

Bitcoin value is now buying and selling above $67,200 and the 100 hourly Easy shifting common. There may be additionally a connecting bullish development line forming with assist at $66,800 on the hourly chart of the BTC/USD pair.

On the upside, the value might face resistance close to the $68,000 degree. The primary key resistance is close to the $68,350 degree. A transparent transfer above the $68,350 resistance would possibly ship the value greater. The subsequent key resistance could possibly be $68,800.

An in depth above the $68,800 resistance would possibly provoke extra good points. Within the said case, the value might rise and take a look at the $70,0200 resistance degree. Any extra good points would possibly ship the value towards the $72,000 resistance degree.

One other Drop In BTC?

If Bitcoin fails to rise above the $68,000 resistance zone, it might begin one other decline. Fast assist on the draw back is close to the $66,800 degree and the development line.

The primary main assist is close to the $66,500 degree and the 50% Fib retracement degree of the upward transfer from the $64,686 swing low to the $68,328 excessive. The subsequent assist is now close to the $66,500 zone. Any extra losses would possibly ship the value towards the $65,400 assist within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now shedding tempo within the bullish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now above the 50 degree.

Main Help Ranges – $66,800, adopted by $65,400.

Main Resistance Ranges – $68,000, and $68,350.