Bitcoin price started a recovery wave from the $65,500 zone. BTC is now consolidating and could aim for more gains above $69,500.
- Bitcoin started a decent recovery wave above the $67,500 zone.
- The price is trading above $68,000 and the 100 hourly moving average.
- A major bearish trendline is forming with resistance at $69,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could fall again if it trades below the $68,500 and $68,000 levels.
Bitcoin Price Begins Recovery Wave
Bitcoin price continued its decline and traded below the USD 66,500 level. BTC tested the $65,500 support zone before the bulls emerged. A low was formed at $65,646, and the price recently started a recovery wave.
The price climbed above the USD 67,200 and USD 67,500 resistance levels. The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $74,062 swing high to the $65,646 low. However, the bears are still active below $70,000.
There is also a major bearish trendline forming with resistance at $69,250 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $68,500 and the 100 hourly moving average.
If the price remains stable above $67,500, another move up could be attempted. Immediate resistance is near the $69,250 level. The first major resistance is near the $69,600 level and the 50% Fib retracement level of the downward move from the $74,062 swing high to the $65,646 low.
A close above the resistance at $69,600 could send the price higher. In the mentioned case, the price could rise and test the USD 70,500 resistance. Any further gains could send the price towards the $72,000 level. The next threshold for the bulls could be $72,650.
Another drop in BTC?
If Bitcoin fails to rise above the USD 69,250 resistance zone, it could trigger another decline. The immediate support is near the $68,500 level. The first major support is near the $68,000 level.
The next support is now near the $67,500 zone. Any further losses could send the price towards the USD 66,650 support in the short term. The key support now lies at $65,500, below which BTC could struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 68,000, followed by USD 67,500.
Major resistance levels – $69,250 and $69,850.