Bitcoin price started a recovery wave from the $65,500 area. BTC is currently consolidating and could be headed for a profit above $69,500.
- Bitcoin started a decent recovery wave from the $67,500 area.
- The price is trading above $68,000 and 100 simple moving averages per hour.
- On the hourly chart of the BTC/USD pair, there is a major downtrend line with resistance at $69,250 (data from Kraken).
- If it trades above the $68,500 and $68,000 levels, the pair may decline again.
Bitcoin price starts a wave of recovery
Bitcoin price extended its decline and broke below the $66,500 level. BTC tested the $65,500 support zone before a bull appeared. The low price was formed at $65,646 and the price recently started a wave of recovery.
The price rose above the resistance levels of $67,200 and $67,500. The bulls pushed the price above the 23.6% Fib retracement level of the move down from $74,062 to $65,646. However, bears are still active below $70,000.
There is also a major bearish trend line on the hourly chart of the BTC/USD pair with resistance at $69,250. Bitcoin is currently trading above $68,500 and above the 100 hourly simple moving average.
If the price remains stable above $67,500, it may attempt a new rally. Immediate resistance is near the $69,250 level. The first key resistance is near the $69,600 level and the 50% Fib retracement level on the move down from $74,062 to $65,646.
A close to the $69,600 resistance could push the price even higher. In the mentioned case, the price may rise and test the $70,500 resistance. Any further gains could send the price to the $72,000 level. The next hurdle for bulls could be $72,650.
Another BTC decline?
If Bitcoin fails to break above the $69,250 resistance zone, it could start another decline. Immediate support is near the $68,500 level. The first major support is near the $68,000 level.
The next support is now near the $67,500 area. Any further losses could send the price to the $66,650 support in the near future. Key support is now at $65,500, below which BTC may recover in the near term.
Technical indicators:
Hourly MACD – MACD is currently accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
The main support level is $68,000, followed by $67,500.
The main resistance levels are $69,250 and $69,850.
