Bitcoin price started a strong increase and traded above the $75,500 zone. BTC is now consolidating and could target more gains if it clears $76,000.
- Bitcoin started a decent upward move above the $75,000 zone.
- The price is trading above USD 73,500 and the 100 hourly moving average.
- A bullish trendline is forming with support at $72,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it reaches the $75,000 and $76,000 levels.
Bitcoin Price Begins Consolidation
Bitcoin price remained supported and extended the gain above the USD 73,500 level. BTC climbed above the USD 74,200 and USD 74,500 resistance levels.
The bulls were able to push the price above $75,000. It reached a high at $75,998, and the price recently corrected some gains. There was a move below the 23.6% Fib retracement level from the recent upward move from the $70,292 swing low to the $75,998 high.
Bitcoin is now trading above $73,500 and the 100 hourly moving average. Moreover, a bullish trendline is forming with support at $72,000 on the hourly chart of the BTC/USD pair.
If the price remains stable above $72,000, another move up can be attempted. The immediate resistance is near the $75,000 level. The first major resistance is around the $75,500 level. A close above the USD 75,500 resistance could send the price rising further. In the mentioned case, the price could rise and test the USD 76,200 resistance. Any further gains could send the price towards the USD 77,500 level. The next barrier for the bulls could be $78,000.
Disadvantage extension in BTC?
If Bitcoin fails to rise above the $75,000 resistance zone, it could trigger another decline. Immediate support is near the $73,800 level. The first major support is near the $73,150 level or the 50% Fib retracement level of the recent upward move from the $70,292 swing low to the $75,998 high.
The next support is now near the $72,000 zone and the trendline. Any further losses could send the price towards the USD 71,650 support in the short term. The key support now lies at $71,200, below which BTC could struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 73,800, followed by USD 73,150.
Major resistance levels – $75,000 and $76,200.