Bitcoin Price Signals Uptrend Continuation But Patience Is The Key


Bitcoin
price
extended
its
increase
above
the
$64,000
resistance.
BTC
is
now
holding
gains
above
$62,800
and
might
aim
for
more
upsides.

  • Bitcoin
    traded
    to
    a
    new
    weekly
    high
    at
    $65,500
    before
    there
    was
    a
    downside
    correction.
  • The
    price
    is
    trading
    above
    $63,500
    and
    the
    100
    hourly
    Simple
    moving
    average.
  • There
    is
    a
    key
    bullish
    trend
    line
    forming
    with
    support
    at
    $63,350
    on
    the
    hourly
    chart
    of
    the
    BTC/USD
    pair
    (data
    feed
    from
    Kraken).
  • The
    pair
    could
    aim
    for
    more
    upsides
    if
    it
    clears
    the
    $64,500
    and
    $65,500
    resistance
    levels.

Bitcoin
Price
Aims
Higher

Bitcoin
price
remained

well-bid
above
the
$62,500
support
zone

and
extended
its
increase.
BTC
was
able
to
clear
the
$64,500
resistance.
It
even
cleared
$65,000
and
tested
$65,500.

A
high
was
formed
at
$65,550
and
the
price
is
now
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
swing
low
to
the
$65,550
high.

However,
the
bulls
are
active
near
the
$63,000
zone.
There
is
also
a
key
bullish
trend
line
forming
with
support
at
$63,350
on
the
hourly
chart
of
the
BTC/USD
pair.

Bitcoin
is
now
trading
above
$63,000
and
the

100
hourly
Simple
moving
average
.
Immediate
resistance
is
near
the
$64,500
level.
The
first
major
resistance
could
be
$65,000.
The
next
key
resistance
could
be
$65,500.


Bitcoin Price

Source:

BTCUSD
on
TradingView.com

A
clear
move
above
the
$65,500
resistance
might
send
the
price
higher.
The
next
resistance
now
sits
at
$67,200.
If
there
is
a
clear
move
above
the
$67,200
resistance
zone,
the
price
could
continue
to
move
up.
In
the
stated
case,
the
price
could
rise
toward
$68,800.

Another
Drop
In
BTC?

If
Bitcoin
fails
to
rise
above
the
$65,500
resistance
zone,
it
could
start
another
decline.
Immediate
support
on
the
downside
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
to
drop
toward
the
50%
Fib
retracement
level
of
the
upward
move
from
the
$56,380
swing
low
to
the
$65,550
high
at
$60,800.
Any
more
losses
might
send
the
price
toward
the
$60,000
support
zone
in
the
near
term.

Technical
indicators:

Hourly
MACD

The
MACD
is
now
gaining
pace
in
the
bullish
zone.

Hourly
RSI
(Relative
Strength
Index)

The
RSI
for
BTC/USD
is
now
near
the
50
level.

Major
Support
Levels

$63,350,
followed
by
$62,800.

Major
Resistance
Levels

$64,500,
$65,000,
and
$65,500.

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