Bitcoin Price Poised for a Fresh Rally, Unless This Level Breaks
Bitcoin price is consolidating above the $60,000 support. BTC could aim for a fresh increase unless there is a close below the $60,000 support.
- Bitcoin is consolidating above the $60,000 support zone.
- The price is trading below $61,500 and the 100 hourly Simple moving average.
- There is a key bearish trend line with resistance at $61,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it stays above the $60,000 support zone.
Bitcoin Price Starts Consolidation
Bitcoin price extended its decline from the $62,350 resistance. BTC broke the $62,000 and $61,500 support levels to move into a short-term bearish zone. The price even dipped below $60,500.
A low was formed at $60,000 and the price is now consolidating losses. There was a minor increase above the $60,500 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $62,350 swing high to the $60,000 low.
Bitcoin is now trading below $61,500 and the 100 hourly Simple moving average. If there is a fresh increase, the price could face resistance near the $61,250 level. The first key resistance is near the $61,500 level. There is also a key bearish trend line with resistance at $61,550 on the hourly chart of the BTC/USD pair.
The trend line is close to the 61.8% Fib retracement level of the downward move from the $62,350 swing high to the $60,000 low. A clear move above the $61,500 resistance might send the price higher. The next key resistance could be $62,500.
A close above the $62,500 resistance might spark more upsides. In the stated case, the price could rise and test the $63,200 resistance level. Any more gains might send the price toward the $65,000 resistance level.
More Losses In BTC?
If Bitcoin fails to rise above the $61,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $60,500 level.
The first major support is near the $60,000 level. The next support is now near the $59,200 zone. Any more losses might send the price toward the $58,500 support in the near term.
Technical indicators:
Hourly MACD The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) The RSI for BTC/USD is now below the 50 level.
Major Support Levels $60,500, followed by $60,000.
Major Resistance Levels $61,500, and $62,500.
Source: NewsBTC.com
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