Bitcoin Price Targets Higher Levels: Can the Momentum Hold?
Bitcoin price is again rising above the $63,800 resistance. BTC could gain pace if it clears the $64,750 resistance zone and then $65,000.
- Bitcoin is aiming for more gains above the $64,800 zone.
- The price is trading above $63,650 and the 100 hourly Simple moving average.
- There was a break above a short-term contracting triangle with resistance at $63,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend gains if it breaks the $64,750 resistance zone.
Bitcoin Price Could Surpass $65,000
Bitcoin price started another increase from the $62,500 zone. BTC was able to clear the $63,500 and $63,800 resistance levels. The bulls even pushed the price toward the $64,750 level.
There was a break above a short-term contracting triangle with resistance at $63,750 on the hourly chart of the BTC/USD pair. A high was formed at $64,770 and the price is now correcting gains. There was a drop below the $64,600 and $64,400 support levels.
The price dipped below the 23.6% Fib retracement level of the upward move from the $62,761 swing low to the $64,770 high. Bitcoin is now trading above $63,800 and the 100 hourly Simple moving average.
If there is a fresh increase, the price could face resistance near the $64,750 level. The first key resistance is near the $65,000 level. A clear move above the $65,000 resistance might send the price higher. The next key resistance could be $65,500. A close above the $65,500 resistance might spark more upsides. In the stated case, the price could rise and test the $66,800 resistance.
Another Decline In BTC?
If Bitcoin fails to rise above the $64,750 resistance zone, it could continue to move down. Immediate support on the downside is near the $63,750 level and the 50% Fib retracement level of the upward move from the $62,761 swing low to the $64,770 high.
The first major support is near the $63,250 level. The next support is now near the $62,500 zone. Any more losses might send the price toward the $61,200 support in the near term.
Technical indicators:
Hourly MACD The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) The RSI for BTC/USD is now above the 50 level.
Major Support Levels $63,750, followed by $62,500.
Major Resistance Levels $66,750, and $65,000.
Source: NewsBTC.com
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