This article is also available in Spanish.
The price of Bitcoin includes above the support of $60,000. BTC seems to be looking for a new rise above the $61,200 and $61,500 levels.
- Bitcoin is rallying above the $60,000 support zone.
- The price is trading below $61,750 and the hourly moving average is 100.
- There was a break above the main bearish line against $60,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair can start another rise if it clears the $61,200 resistance area.
Bitcoin Price Signals Good Move
Bitcoin price extended its decline below the $61,200 support. BTC broke the $60,500 and $60,200 support levels to move into a temporary bearish zone. The price dropped below $60,000.
The bottom was made at $59,850 and the price is now covering losses. There was a slight increase above the $60,450 level. The price rose above the 50% Fib retracement level to the downside from the $62,350 swing high to the $59,850 low.
There is also a break above the main bearish line against $60,850 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $61,750 and the 100 hourly moving average.
On the other hand, the price may face resistance near the $61,400 level. The first key resistance is near the $61,750 level or the 76.4% Fib retracement level to the downside from the $62,350 swing high to the $59,850 low. A clear move above the $61,750 resistance could send the price higher. The next key resistance would be $62,350.
A close above the $62,350 resistance could trigger further gains. In the mentioned case, the price can rise and test the resistance level of $62,850. Any further gains could send the price to the $63,200 resistance level.
Another Decline in BTC?
If Bitcoin fails to rise above the $61,750 resistance area, it could start another decline. Immediate support on the downside is near the $60,450 level.
The first major support is near the $60,000 level. The next support is now near the $59,850 area. Another loss could send the price to the $58,800 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing momentum in bearish territory.
Hourly RSI (Relative Strength Index) – RSI for BTC/USD is now below the 50 level.
Major Support Levels – $60,450, followed by $60,000.
High Resistance Levels – $61,400, and $61,750.
Source link