Bitcoin
Bitcoin Falls But Holds Strong: Bullish Momentum Intact
Bitcoin price started a negative correction in the $72,000 zone. BTC is now consolidating near $70,000 and could see another rally in the near term.
- Bitcoin struggled above the $71,800 resistance zone.
- The price is trading above $69,000 and the 100 hourly simple moving average.
- There is a bullish trendline forming with support at $69,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could begin another increase unless there is a move below $68,800.
Bitcoin price corrects gains
Bitcoin price gained pace for a move above the $70,000 Level. BTC rose above $71,200 before bears appeared near $72,000. A new weekly high was formed at $71,896 and the price recently started a negative correction.
The price fell below the $71,000 level and the 23.6% Fibonacci retracement level of the rising wave from the $66,047 swing low to the $71,896 high.
However, bulls are active above the $68,800 support zone. Bitcoin also trades above $69,000 and the 100 hour simple moving average. Additionally, there is a bullish trend line forming with support at $69,200 on the hourly chart of the BTC/USD pair.
The price now faces resistance near the $70,500 level. The first major resistance could be at $71,200. The next key resistance could be at $71,850. A clear move above the $71,850 resistance could push the price higher. In this case, the price could rise and test the $72,500 resistance.
If the bulls push the price further higher, there could be a move towards the $73,200 resistance zone. Any further gains could send BTC towards the $74,500 resistance.
Are dips supported in BTC?
If Bitcoin fails to rise above the $71,200 resistance zone, it could continue falling. Immediate downside support is near the $69,200 level and trendline.
The first major support is at $69,000. Key support is now forming near $68,800 or the 50% Fibonacci retracement level of the rising wave from the $66,047 swing low to $71,896 high. Further losses could send the price towards the $67,300 support zone 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.
Key support levels – $69,200, followed by $68,800.
Main resistance levels – $70,500, $71,200 and $71,800.