Bitcoin Price Signals Uptrend Continuation But Patience Is The Key
06 Mayo 2024 - 10:19PM
NEWSBTC
Bitcoin price extended its increase above the $64,000 resistance.
BTC is now holding gains above $62,800 and might aim for more
upsides. Bitcoin traded to a new weekly high at $65,500 before
there was a downside correction. The price is trading above $63,500
and the 100 hourly Simple moving average. There is a key bullish
trend line forming with support at $63,350 on the hourly chart of
the BTC/USD pair (data feed from Kraken). The pair could aim for
more upsides if it clears the $64,500 and $65,500 resistance
levels. Bitcoin Price Aims Higher Bitcoin price remained well-bid
above the $62,500 support zone and extended its increase. BTC was
able to clear the $64,500 resistance. It even cleared $65,000 and
tested $65,500. A high was formed at $65,550 and the price is now
correcting gains. There was a minor decline below the $64,000
level. The price tested the 23.6% Fib retracement level of the
upward move from the $56,380 swing low to the $65,550 high.
However, the bulls are active near the $63,000 zone. There is also
a key bullish trend line forming with support at $63,350 on the
hourly chart of the BTC/USD pair. Bitcoin is now trading above
$63,000 and the 100 hourly Simple moving average. Immediate
resistance is near the $64,500 level. The first major resistance
could be $65,000. The next key resistance could be $65,500. Source:
BTCUSD on TradingView.com A clear move above the $65,500 resistance
might send the price higher. The next resistance now sits at
$67,200. If there is a clear move above the $67,200 resistance
zone, the price could continue to move up. In the stated case, the
price could rise toward $68,800. Another Drop In BTC? If Bitcoin
fails to rise above the $65,500 resistance zone, it could start
another decline. Immediate support on the downside is near the
$63,350 level and the trend line. The first major support is
$62,800. If there is a close below $62,800, the price could start
to drop toward the 50% Fib retracement level of the upward move
from the $56,380 swing low to the $65,550 high at $60,800. Any more
losses might send the price toward the $60,000 support zone 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 near the 50 level. Major
Support Levels – $63,350, followed by $62,800. Major Resistance
Levels – $64,500, $65,000, and $65,500.
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