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TA: Bitcoin Breaks Key Resistance, Why BTC Could Extend Rally

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Bitcoin gained tempo above the $63,000 resistance towards the US Dollar. BTC is rising and it might quickly clear the $65,000 resistance within the close to time period.

  • Bitcoin is displaying constructive indicators above the $61,000 and $62,500 ranges.
  • The value is now buying and selling above $62,500 and the 100 hourly easy transferring common.
  • There is a key bullish development line forming with help close to $62,800 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair might lengthen rally and it would even clear the $65,000 stage within the close to time period.

Bitcoin Price Eyes More Upsides

Bitcoin value began a significant enhance above the $62,000 resistance zone. BTC broke the important thing $63,000 resistance zone and settled above the 100 hourly easy transferring common.

It even spiked above the $63,500 resistance and traded to a brand new multi-week excessive at $64,448. It is at present correcting decrease and buying and selling under the $64,000 stage. An instant help is close to the $63,700 stage. It is close to the 23.6% Fib retracement stage of the upward transfer from the $61,320 swing low to $64,448 excessive.

There is additionally a key bullish development line forming with help close to $62,800 on the hourly chart of the BTC/USD pair. On the upside, an preliminary resistance is close to the $64,000 stage. The first key resistance is close to the $64,250 stage.

Source: BTCUSD on TradingView.com

A transparent break above the $64,250 resistance might open the doorways for extra upsides. The subsequent main resistance sits close to the $65,000 stage, above which the value may rise in direction of the $66,500 stage. Any extra features might set the tempo for a bigger enhance in direction of the $68,000 stage.

Dips Limited In BTC?

If bitcoin fails to clear the $64,200 resistance zone, it might begin a draw back correction. An instant help on the draw back is close to the $63,700 stage.

The first main help is now forming close to the $62,850 stage. It is close to the 50% Fib retracement stage of the upward transfer from the $61,320 swing low to $64,448 excessive. The essential help is close to the development line, under which the value may decline in direction of the $61,000 help and the 100 hourly SMA.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is nonetheless above the 50 stage.

Major Support Levels – $61,850, adopted by $62,500.

Major Resistance Levels – $64,200, $65,500 and $66,500.

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