Why Bitcoin Needs To Clear $64K For Hopes of a Fresh Rally
26 Oktober 2021 - 05:28AM
NEWSBTC
Bitcoin price started a fresh increase from $60,000 against the US
Dollar. BTC is back above $62,000, but it must clear $64,000 for
hopes of a fresh rally. Bitcoin recovered losses and was able to
climb above the $62,500 resistance. The price is now trading above
$62,000 and the 100 hourly simple moving average. There is a major
bearish trend line forming with resistance near $63,200 on the
hourly chart of the BTC/USD pair (data feed from Kraken). The pair
could start a steady increase if there is a close above the $64,000
resistance zone. Bitcoin Price Eyes Fresh Rally Bitcoin price
dipped below the $60,000 level, but downsides were limited. BTC
traded as low as $59,610 before starting a fresh increase. The
price was able to rise above the $61,000 and $61,200 resistance
levels. There was a recovery wave above the $62,000 and $62,500
levels. Bitcoin even spiked above the 50% Fib retracement level of
the downward move from the $66,980 swing high to $59,610 low. The
price is now trading above $62,000 and the 100 hourly simple moving
average. It is currently facing resistance near the $63,000 and
$63,200 levels. There is also a major bearish trend line forming
with resistance near $63,200 on the hourly chart of the BTC/USD
pair. The main breakout resistance is now forming near the $64,000
level. It is near the 61.8% Fib retracement level of the downward
move from the $66,980 swing high to $59,610 low. Source: BTCUSD on
TradingView.com A clear break above the trend line resistance and
then $64,000 may possibly call open the doors for a move towards
the $65,000 level. The next major resistance sits near the $66,500
level. Fresh Decline In BTC? If bitcoin fails to clear the $64,000
resistance zone, it could start a fresh downside correction. An
immediate support on the downside is near the $62,200 level. The
first major support is now forming near the $61,500 level and the
100 hourly SMA. A break below the $61,500 support may possibly push
the price towards the $60,000 support zone in the near term.
Technical indicators: Hourly MACD – The MACD is slowly gaining pace
in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI
for BTC/USD is now above the 50 level. Major Support Levels –
$62,200, followed by $61,500. Major Resistance Levels – $63,000,
$63,200 and $64,000.
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