This article is also available in Spanish. The bitcoin price has broken above the $61,500 resistance level; BTC has even broken above the $63,300 level and is now consolidating its rise above $62,500.
Bitcoin has risen above the $62,200 resistance zone.
The price is trading above the 100-hour simple moving average at $BTC On the hourly chart of the BTC/USD pair (Kraken data), a major bullish trend line has formed with support at $61,500. The high was formed at $63,840 and now prices are consolidating the growth; there was a move below $63,500. The price fell and tested the 23.6% Fib retracement level from the low of $59,165 to the high of $BTC The #bitcoin is currently trading above the 100-hour simple moving average at $62,500. A major bullish trend line has also formed on the hourly chart of BTC/USD with support at $BTC On the upside, resistance may be met around $63,500. The first key resistance is around $63,800; a clear break above $68,400 could push prices up. The next important resistance is at the $64,500 level. A closing price above the $64,500 level could trigger a price rally. In this case, prices may rise and test the resistance level of $65,000.
If bitcoin fails to rise above the resistance zone of $63,500, a downward correction may begin. The immediate support is at $62,700. The first major support is at $61,500 and the trend line. The next support level is at $61,000 or the 61.8% Fib retracement level from the low of $59,165 to the high of $63,840. In the short term, any further losses could be directed towards the $60,500 support level.
Hourly MACD - MACD is currently losing momentum in its bullish zone.
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