Bitcoin Price Targets Gradual Rise: Will the Uptrend Hold?
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Bitcoin price is attempting a fresh increase above the $67,000 zone. BTC could gain pace if it clears the $68,750 resistance zone.
Bitcoin started a fresh increase from the $65,500 zone.
The price is trading above $67,200 and the 100 hourly Simple moving average.
There is a connecting bullish trend line forming with support at $67,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain bullish momentum if it clears the $68,750 resistance zone.
Bitcoin Price Eyes More Upsides
Bitcoin price found support near the $65,500 zone. A low was formed at $65,531 and the price started a fresh increase above the $66,200 resistance.
The price climbed 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 $68,699 swing high to the $65,531 low. There is also a connecting bullish trend 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 could face resistance near the $68,000 level. It is close to the 76.4% Fib retracement level of the downward move from the $68,699 swing high to the $65,531 low.
The first key resistance is near the $68,500 level. A clear move above the $68,500 resistance might send the price higher. The next key resistance could be $68,750.
A close above the $68,750 resistance might initiate more gains. In the stated case, the price could rise and test the $69,200 resistance level. Any more gains might send the price toward the $70,000 resistance level. Any more gains might call for a test of $71,200.
Another Decline In BTC?
If Bitcoin fails to rise above the $68,000 resistance zone, it could start another decline. Immediate support on the downside is near the $67,400 level and the trend line.
The first major support is near the $67,200 level. The next support is now near the $66,250 zone. Any more losses might send the price toward the $66,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $67,400, followed by $67,200.
Major Resistance Levels – $68,000, and $68,750.
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