Support and Resistance Levels in Bitcoin
Bitcoin price continued its rise above the $64,000 resistance. BTC is currently maintaining gains above $62,800 and it might be aiming for more upside. Bitcoin reached a new weekly high of $65,500 before a downside correction occurred. The price is trading above $63,500 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $63,350 on the hourly chart of the BTC/USD pair (data feed from Kraken). If it clears the $64,500 and $65,500 resistance levels, the pair could aim for more upside.
Bitcoin Price Heads Higher Bitcoin price saw a decent bid above the $62,500 support zone and continued its rise. BTC managed to surpass the $64,500 resistance. It even surpassed $65,000 and tested $65,500.
A top was formed near $65,550 and the price is currently correcting gains. There was a minor decline below the $64,000 level. The price tested the 23.6% Fib retracement level of the upward move from the $56,380 low to $65,550 high.
However, the bulls are active near the $63,000 zone. Moreover, there is a key bullish trend line forming with support near $63,350 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading above $63,000 and its 100 hourly simple moving average. The nearest resistance is near the $64,500 level. The first major resistance could be $65,000. The next important resistance could be $65,500.
A clear breach of the $65,500 resistance could push the price higher. The next resistance now lies at $67,200. If there is a clear breach of the $67,200 resistance zone, the price could continue higher. In this case, the price could rise towards $68,800.
Another Drop in BTC? If Bitcoin fails to climb above the $65,500 resistance zone, it could start another decline. The nearest downside support is near the $63,350 level and the trend line.
The first major support is $62,800. If there is a close below $62,800, the price could start declining towards $60,800, which is the 50% Fib retracement level of the upward move from the $56,380 low to $65,550 high. Any further losses could push the price towards the $60,000 support zone in the near term.
Technical indicators: Hourly MACD – The MACD is accelerating in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently near the 50 level. Key Support Levels – $63,350, then $62,800. Key Resistance Levels – $64,500, $65,000 and $65,500.
