|

Bitcoin Price Surges To New Peak – What Could Fuel The Next Leg Up?

Bitcoin worth began a robust improve and traded above $126,000. BTC is now consolidating positive factors and may purpose for extra positive factors within the quick time period.

  • Bitcoin began a significant improve above the $125,000 zone.
  • The worth is buying and selling above $124,000 and the 100 hourly Simple transferring common.
  • There is a short-term bullish pattern line forming with assist at $124,200 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may proceed to maneuver up if it clears the $125,500 zone.

Bitcoin Price Sets New ATH

Bitcoin worth managed to remain above the $122,000 zone and began a fresh increase. BTC settled above the $123,500 resistance zone to start out the present transfer.

The bulls had been in a position to pump the value above the $125,000 and $125,500 ranges. They even cleared the $126,000 stage. A brand new high was fashioned at $126,198 earlier than there was a minor pullback. The worth traded beneath the 23.6% Fib retracement stage of the latest wave from the $122,230 swing low to the $126,198 high.

Bitcoin is now buying and selling above $124,000 and the 100 hourly Simple moving average. Besides, there’s a short-term bullish pattern line forming with assist at $124,200 on the hourly chart of the BTC/USD pair.

Immediate resistance on the upside is close to the $125,250 stage. The first key resistance is close to the $125,500 stage. The subsequent resistance might be $126,200. A detailed above the $126,200 resistance may ship the value additional greater. In the acknowledged case, the value may rise and take a look at the $126,500 resistance. Any extra positive factors may ship the value towards the $128,000 stage. The subsequent barrier for the bulls might be $130,000.

Downside Correction In BTC?

If Bitcoin fails to rise above the $125,500 resistance zone, it may begin a recent decline. Immediate assist is close to the $124,200 stage and the pattern line. The first main assist is close to the $123,250 stage or the 76.4% Fib retracement stage of the latest wave from the $122,230 swing low to the $126,198 high.

The subsequent assist is now close to the $122,500 zone. Any extra losses may ship the value towards the $121,200 assist within the close to time period. The essential assist sits at $120,500, beneath which BTC may battle to get better within the quick time period.

Technical indicators:

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

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

Major Support Levels – $124,200, adopted by $123,250.

Major Resistance Levels – $125,500 and $126,500.

Similar Posts