Bitcoin Price Hints At Potential Correction, Buy The Dip?
Bitcoin price is showing a few positive signs above the $68,500 resistance. BTC must settle above the $70,000 resistance to continue higher in the near term.
Bitcoin is eyeing a steady increase above $69,500 and $70,000 levels.
The price is trading above $68,000 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support near $68,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it stays above the $68,000 support zone.
Bitcoin Price Holds Support
Bitcoin price started a decent increase above the $67,500 resistance zone. BTC cleared the $68,500 and $68,800 resistance levels to move into a positive zone.
The price even spiked above the $70,000 resistance zone. A high was formed near the $70,300 level and the price is now correcting gains. There was a move below the $70,000 level. There was a move below the 23.6% Fib retracement level of the upward move from the $65,116 swing low to the $70,300 high.
Bitcoin is now trading above $68,000 and the 100 hourly Simple moving average. Immediate resistance is near the $69,800 level. The first major resistance could be $70,000.
Source: BTCUSD on TradingView.com
The next resistance now sits at $70,300. If there is a clear move above the $70,300 resistance zone, the price could start a fresh increase. In the stated case, the price could rise toward $71,200. The next major resistance is near the $72,000 zone. Any more gains might send Bitcoin toward the $73,500 resistance zone in the near term.
Are Dips Limited In BTC?
If Bitcoin fails to rise above the $70,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $69,000 level or the trend line.
The first major support is $67,800 or the 50% Fib retracement level of the upward move from the $65,116 swing low to the $70,300 high. The next support sits at $66,500. If there is a close below $66,500, the price could start a drop toward the $65,350 level. Any more losses might send the price toward the $62,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major Support Levels – $68,800, followed by $67,800.
Major Resistance Levels – $69,800, $70,000, and $71,200.
Filed under: Bitcoin - @ April 8, 2024 4:57 am