BITCOIN

What can trigger a fresh rally?


Bitcoin is showing positive signs above $ 61,200 against the US dollar. BTC could start a new rally if it clears the অঞ্চ 62,200 resistance zone.

  • Bitcoin is trading in a positive territory above the 60,000 and $ 61,200 levels.
  • Prices are now trading above the simple simple average of $ 61,200 and 100 hours.
  • The BTC / USD pair (data feed from Kraken) is forming a big bullish trend line with support around $ 61,000 per hour chart.
  • The pair could start a new rally and rise to the 63,500 level in the near term.

The price of Bitcoin remains supported

Bitcoin prices are strong above the 60,000 zone and have traded in a positive territory. BTC jumped above the 62,000 level before starting a negative correction.

There was a minor fall before a high was formed near $ 62,885. Prices have dropped to 62 62,000 and below, 61,200. However, the price was supported near the $ 59,200 level and near the 100-hour moving average.

Recently, prices have risen further and topped above 61,200. However, prices are struggling above the 62,200 level. A high was formed near $ 62,672 before another fall. It traded as low as 59,900 and recently recovered above $ 61,000.

Bitcoin has crossed the 50% Fib retracement level, falling from a $ 62,672 swing high to 59 59,900. The hourly chart of the BTC / USD pair also has a large bullish trend line with support near $ 61,000.

The pair is now testing the 76.4% Fib retracement level of the downward correction from $ 62,672 swing high to 59 59,900. Conversely, an initial resistance is near the $ 62,000 level. The first key resistance is near the 62,200 level.

Source: BTCUSD on TradingView.com

A clear break above the $ 62,200 resistance could open the door for further upside. The next major resistance is near the 63,500 level, above which the price may move towards the 65,000 level.

Dips supported in BTC?

If Bitcoin fails to clear the $ 62,200 resistance zone, it could start a negative correction. On the downside an immediate support is near the $ 61,200 level.

The first major support is now being formed near the $ 61,000 level, trend line and 100 hour SMA. A negative break below the $ 61,000 level could push the price to $ 60,000.

Technical indicators:

Hourly MACD – MACD is now losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – RTC of BTC / USD is now above 50 level.

Major support level – $ 61,200, followed by $ 61,000.

Major resistance levels – $ 62,200, $ 62,850 and $ 63,500.



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