Bitcoin Price Primed To Clear $71,500 and Rally Again
29 Mars 2024 - 3:09AM
NEWSBTC
Bitcoin price is again rising above the $70,000 resistance zone.
BTC seems to be setting up for a steady increase above the $71,500
resistance zone. Bitcoin price is climbing higher and above the
$70,000 resistance zone. The price is trading above $70,500 and the
100 hourly Simple moving average. There is a crucial bullish trend
line forming with support at $70,200 on the hourly chart of the
BTC/USD pair (data feed from Kraken). The pair could soon start a
fresh rally if it clears the $71,500 resistance zone. Bitcoin Price
Regains Strength Bitcoin price remained well-supported above the
$69,000 resistance zone. BTC climbed higher the $70,000 resistance
zone to move again into a positive zone. The price broke the
$71,000 level and retested $71,500. A high was formed near $71,539
and there was a downside correction. There was a minor decline
below the 23.6% Fib retracement level of the upward move from the
$68,468 swing low to the $71,539 high. Bitcoin is now trading above
$70,000 and the 100 hourly Simple moving average. There is also a
crucial bullish trend line forming with support at $70,200 on the
hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com
Immediate resistance is near the $71,200 level. The first major
resistance could be $71,500. If there is a clear move above the
$71,500 resistance zone, the price could start a strong increase.
In the stated case, the price could even clear the $72,500
resistance zone in the near term. The next major resistance is near
the $73,500 zone. Another Decline In BTC? If Bitcoin fails to rise
above the $71,500 resistance zone, it could start another decline.
Immediate support on the downside is near the $70,200 level and the
trend line. The first major support is $70,000 and the 50% Fib
retracement level of the upward move from the $68,468 swing low to
the $71,539 high. The next support sits at $69,200. If there is a
close below $69,200, the price could start a drop toward the
$68,000 level. Any more losses might send the price toward the
$66,500 support zone in the near term. Technical indicators: Hourly
MACD – The MACD is now 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 – $70,200, followed by $69,200. Major
Resistance Levels – $71,200, $71,500, and $73,500.
TRON (COIN:TRXUSD)
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