Bitcoin price is consolidating above the $72,000 zone. BTC is showing positive signs and could soon target a new all-time high.
- Bitcoin started a new rise above the $71,000 zone.
- The price is trading above USD 71,500 and the 100 hourly Simple Moving Average.
- A major bullish trendline is forming with support at $69,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is consolidating gains and could rise above the $73,500 resistance zone.
Bitcoin price has more advantages
Bitcoin price remained strong above the $70,500 zone. BTC formed a base and started a new rise above the USD 72,000 resistance. The bulls were able to pump the price above the USD 72,500 resistance.
The price strengthened again and reached the $73,200 level. It reached a high at $73,574 and the price is now consolidating gains. There was a small decline below the $73,000 level. The price tested the 23.6% Fib retracement level of the upward wave from the $65,530 swing low to the $73,574 high.
Bitcoin price is now trading above $71,500 and the 100 hourly Simple Moving Average. A major bullish trendline is also forming with support at $69,500 on the hourly chart of the BTC/USD pair.
On the upside, the price could encounter resistance near the USD 73,000 level. The first major resistance is around the $73,500 level. A clear move above the USD 73,500 resistance could push the price higher. The next major resistance could be at USD 74,200.
A close above the resistance at $74,200 could lead to more gains. In the said case, the price could rise and test the USD 75,500 resistance level. Any further gains could send the price towards the USD 78,000 resistance level. Any winnings could require an $80,000 test.
Are dips supported in BTC?
If Bitcoin fails to rise above the $73,000 resistance zone, a downward correction could occur. The immediate downside support is near the $71,650 level.
The first major support is near the $69,500 level, the trendline and the 50% Fib retracement level of the upwave from the $65,530 swing low to the $73,574 high. The next support is now near the $68,600 zone. Any further losses could send the price towards the USD 67,500 support in the short 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 71,650, followed by USD 69,500.
Major resistance levels – $73,000 and $73,500.
