Bitcoin price started a new high above the $62,000 resistance area. BTC is now consolidating and may be aiming for a rise above $63,000.
- Bitcoin is struggling to start a new increase above the $63,200 area.
- The price is trading above $61,500 and the hourly moving average is 100.
- There is a temporary bearish channel forming with resistance at $63,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair can also participate if there is a close above the $63,200 resistance area.
Bitcoin Price Holds Support
Bitcoin price formed a base and started a new high above the $61,200 resistance. BTC cleared the $62,000 resistance to move in a positive direction. The price rose above $63,000 before the bears emerged.
The top is built at $63,445 and the price now includes benefits. There was a slight decline below the $63,000 level. There was a slight move below the 23.6% Fib retracement level for an upward move from the $58,888 swing low to the $63,445 swing high.
Bitcoin price is now trading above $62,000 with a moving average of 100 per hour. On the other hand, the price could face resistance near the $63,000 level. There is also a temporary bearish channel forming with resistance at $63,000 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $63,200 level. A clear move above the $63,200 resistance could send the price higher. The next key resistance would be $63,500.
A close above resistance at $63,200 could trigger further gains. In the mentioned case, the price could rise and test the resistance level of $64,500. Any further gains could send the price to the resistance level of $65,000.
Another Decline in BTC?
If Bitcoin fails to rise above the $63,200 resistance area, it could start another decline. Immediate support on the downside is near the $62,250 level.
The first major support is near the $62,000 level. The next support is now near the $61,150 area or the 50% Fib retracement level of the rise from the $58,888 swing low to the $63,445 high. Another loss could send the price to the $60,000 support in the near term.
Technical indicators:
Hourly MACD – MACD is now losing momentum in bullish territory.
Hourly RSI (Relative Strength Index) – RSI for BTC/USD is now above the 50 level.
Major Support Levels – $62,000, followed by $61,150.
Large Objection Levels – $63,000, and $63,500.
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