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Bitcoin Price Pullback Tests Bulls — Bounce Attempt Incoming?

Bitcoin worth began a restoration wave above the $68,500 zone. BTC is now consolidating and may goal for extra features above $70,500.

  • Bitcoin began an honest restoration wave above the $69,200 zone.
  • The worth is buying and selling above $68,500 and the 100 hourly easy shifting common.
  • There was a break beneath a bullish development line with help at $70,400 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair may dip once more if it trades beneath the $69,280 and $68,000 ranges.

Bitcoin Price Fails Near Resistance

Bitcoin worth remained elevated and extended its increase above the $68,500 degree. BTC climbed above the $69,200 and $70,000 resistance ranges.

The bulls pushed the worth above the 61.8% Fib retracement degree of the downward transfer from the $74,062 swing high to the $65,646 low. However, the bears are nonetheless energetic beneath $72,000. The worth confronted rejection close to the $71,600 degree and began a downside correction.

There was a break beneath a bullish development line with help at $70,400 on the hourly chart of the BTC/USD pair. Bitcoin is now buying and selling above $68,500 and the 100 hourly easy shifting common. If the worth stays secure above $68,500, it may try a recent improve. Immediate resistance is close to the $70,250 degree.

The first key resistance is close to the $70,500 degree. An in depth above the $70,500 resistance may ship the worth additional larger. In the acknowledged case, the worth may rise and take a look at the $71,500 resistance. Any extra features may ship the worth towards the $72,000 degree or the 76.4% Fib retracement degree of the downward transfer from the $74,062 swing high to the $65,646 low. The subsequent barrier for the bulls might be $72,650.

More Losses In BTC?

If Bitcoin fails to rise above the $70,500 resistance zone, it may begin one other decline. Immediate help is close to the $69,280 degree. The first main help is close to the $68,500 degree.

The subsequent help is now close to the $68,000 zone. Any extra losses may ship the worth towards the $67,250 help within the close to time period. The most important help now sits at $66,500, beneath which BTC may battle to recuperate within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now close to the 50 degree.

Major Support Levels – $68,500, adopted by $68,000.

Major Resistance Levels – $70,500 and $72,000.

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