Bitcoin Dips but Holds Strong: Bullish Momentum Intact
21 Mayo 2024 - 8:24PM
NEWSBTC
Bitcoin price started a downside correction from the $72,000 zone.
BTC is now consolidating near $70,000 and might eye another
increase in the near term. Bitcoin struggled above the $71,800
resistance zone. The price is trading above $69,000 and the 100
hourly Simple moving average. There is a key bullish trend line
forming with support at $69,200 on the hourly chart of the BTC/USD
pair (data feed from Kraken). The pair could start another increase
unless there is a move below $68,800. Bitcoin Price Corrects Gains
Bitcoin price gained pace for a move above the $70,000 level. BTC
even spiked above $71,200 before the bears appeared near $72,000. A
new weekly high was formed at $71,896 and the price recently
started a downside correction. The price declined below the $71,000
level and the 23.6% Fib retracement level of the upward wave from
the $66,047 swing low to the $71,896 high. However, the bulls are
active above the $68,800 support zone. Bitcoin also trades above
$69,000 and the 100 hourly Simple moving average. Besides, there is
a key bullish trend line forming with support at $69,200 on the
hourly chart of the BTC/USD pair. The price is now facing
resistance near the $70,500 level. The first major resistance could
be $71,200. The next key resistance could be $71,850. A clear move
above the $71,850 resistance might send the price higher. In the
stated case, the price could rise and test the $72,500 resistance.
If the bulls push the price further higher, there could be a move
toward the $73,200 resistance zone. Any more gains might send BTC
toward the $74,500 resistance. Are Dips Supported In BTC? If
Bitcoin fails to climb above the $71,200 resistance zone, it could
continue to move down. Immediate support on the downside is near
the $69,200 level and the trend line. The first major support is
$69,000. The main support is now forming near $68,800 or the 50%
Fib retracement level of the upward wave from the $66,047 swing low
to the $71,896 high. Any more losses might send the price toward
the $67,300 support zone 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 – $69,200, followed by
$68,800. Major Resistance Levels – $70,500, $71,200, and $71,800.
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