Bitcoin price started a decent rise above the $70,000 zone. BTC is now consolidating and could see more gains if it clears $72,000.
- Bitcoin started a decent recovery wave from the $70,000 area.
- The price is trading above 70,000 dollars and 100 simple moving averages per hour.
- On the hourly chart of the BTC / USD pair (data from Kraken) there was a break above the bullish flag with resistance at $70,500.
- If it trades above the $70,400 and $70,000 levels, the pair may decline again.
Bitcoin price aims for stable income
Bitcoin price remained high and extended its gains above the $69,200 level. BTC broke above the $69,500 and $70,000 resistance levels.
On the hourly chart of the BTC/USD pair, there was a break above the high flag with resistance at $70,500. The pair even broke above the $71,000 level. A high was formed at $71,750 and the pair is now consolidating gains near the 23.6% Fib retracement level of the recent high from $68,971 to $71,750.
Bitcoin is currently trading above $70,800 and above the 100 hourly simple moving average. If the price remains stable above $70,400, it may attempt a new rally. Immediate resistance is near the $71,750 level. The first key resistance is near the $72,000 level.
A close to the $72,000 resistance could push the price even higher. In this case, the price may rise and test the $73,200 resistance. Any further gains could send the price to the $74,000 level. The next hurdle for bulls could be $75,000.
Another BTC decline?
If Bitcoin fails to break above the $71,750 resistance zone, it may start another decline. Immediate support is near the $70,400 level or the 50% Fib retracement level of the recent move up from $68,971 to $71,750. The first major support is near the $70,000 level.
The next support is now near the $68,800 area. Any further losses could send the price to the $67,250 support in the near term. Key support is currently at $66,500, 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 $70,400, followed by $70,000.
Key resistance levels are $71,750 and $72,000.
