Bitcoin Price Faces Uphill Task But Indicators Signal More Upsides
28 Marzo 2024 - 5:55AM
NEWSBTC
Bitcoin price is consolidating gains above the $69,000 support
zone. BTC must clear the $71,500 resistance zone to start a steady
increase. Bitcoin price is still showing positive signs and facing
resistance near $71,500. The price is trading above $69,000 and the
100 hourly Simple moving average. There is a major bullish trend
line forming with support at $69,120 on the hourly chart of the
BTC/USD pair (data feed from Kraken). The pair could start another
increase if it clears the $71,500 resistance zone. Bitcoin Price
Holds Support Bitcoin price remained in a positive zone above the
$68,800 resistance zone. BTC climbed higher the $70,000 resistance
zone, but the bears were active near the $71,500 level. There were
more than two attempts to clear the $71,500 level but the bulls
failed. There was a downside correction, and the price tested the
$68,400 support. A low was formed at $68,366 and the price is now
starting a decent increase. There was a move above the 23.6% Fib
retracement level of the downward move from the $71,746 swing high
to the $68,366 low. Bitcoin is now trading above $69,000 and the
100 hourly Simple moving average. There is also a major bullish
trend line forming with support at $69,120 on the hourly chart of
the BTC/USD pair. Immediate resistance is near the $70,000 level or
the 50% Fib retracement level of the downward move from the $71,746
swing high to the $68,366 low. The first major resistance could be
$71,200. Source: BTCUSD on TradingView.com The main resistance is
still near $71,500. If there is a clear move above the $71,500
resistance zone, the price could continue to gain strength. In the
stated case, the price could even clear the $72,500 resistance zone
in the near term. More Losses In BTC? If Bitcoin fails to rise
above the $71,200 resistance zone, it could start another decline.
Immediate support on the downside is near the $69,200 level and the
trend line. The first major support is $68,400. The next support
sits at $67,500. If there is a close below $67,500, the price could
start a drop toward the $66,000 level. Any more losses might send
the price toward the $66,000 support zone 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 above the 50 level. Major Support Levels –
$68,400, followed by $67,000. Major Resistance Levels – $70,000,
$71,500, and $73,500.
Grafico Azioni Bitcoin (COIN:BTCUSD)
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