TA: Bitcoin Trims Gains, But Here’s How BTC Could Rise Again


Bitcoin worth traded to a brand new all-time excessive close to $64,892 earlier than correcting decrease in opposition to the US Dollar. BTC examined the $61,500 stage and it’s now displaying a number of optimistic indicators.

  • Bitcoin climbed additional above the $63,000 and $64,000 resistance ranges.
  • The worth is now buying and selling effectively above the $62,000 stage and the 100 hourly easy transferring common.
  • There is a serious bullish pattern line forming with assist close to $61,850 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair is more likely to begin a contemporary improve so long as it’s above the $61,120 assist zone.

Bitcoin Price is Correcting Gains

Bitcoin remained in a positive zone above the $62,000 stage. BTC even prolonged its rise above the $63,000 and $64,000 resistance ranges. It traded to a brand new all-time excessive at $64,892 earlier than it began a draw back correction.

There was a break under the $64,000 and $63,000 ranges. The worth declined under the 50% Fib retracement stage of the upward transfer from the $59,700 swing low to $64,892 excessive. There was even a spike under the $62,000 assist zone.

However, the bulls appeared close to the $61,500 stage. It remained effectively bid close to the 61.8% Fib retracement stage of the upward transfer from the $59,700 swing low to $64,892 excessive.

Source: BTCUSD on TradingView.com

There can be a serious bullish pattern line forming with assist close to $61,850 on the hourly chart of the BTC/USD pair. The pair is now recovering, and buying and selling effectively above the $62,000 stage and the 100 hourly simple moving average.

An preliminary resistance is close to the $63,500 and $63,700 ranges. The subsequent main resistance is close to the $64,000 stage, above which the worth is more likely to climb to a brand new all-time excessive.

Dips Limited in BTC?

If bitcoin fails to climb above $63,500 and $63,700, there might be one other draw back correction. An preliminary assist on the draw back is close to the $62,000 stage.

The primary assist is now forming close to the $61,800 stage and the pattern line. A draw back break under the pattern line assist may name for a take a look at of the important thing $61,120 assist zone within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now dropping momentum within the bullish zone.

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

Major Support Levels – $61,800, adopted by $61,120.

Major Resistance Levels – $63,500, $63,700 and $64,000.



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