Bitcoin Price Cools Off, Bulls Prepare for Next Leg Higher
Analysis
Price Impact
MedThe article suggests bitcoin is consolidating after a recent surge and preparing for another leg higher, indicating potential upward momentum. however, the identified resistance levels and possibility of a downside correction temper the immediate impact.
Trustworthiness
HighPrice Direction
BullishThe analysis points to bitcoin trading above key moving averages and support levels, with the macd in a bullish zone and rsi above 50. while resistance exists, the overall sentiment is that a break above $75,200 could lead to further gains.
Time Effect
ShortThe analysis focuses on hourly charts and immediate support/resistance levels, suggesting that the potential price movement discussed is likely to occur in the short term (hours to days).
Original Article:
Article Content:
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Bitcoin price started a fresh surge and cleared the $74,200 zone. BTC is consolidating and might aim for more gains above the $75,500 level. Bitcoin managed to stay above $73,200 and started a fresh increase. The price is trading above $74,200 and the 100 hourly simple moving average. There is a declining channel forming with resistance at $75,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might extend gains if it stays above the $73,950 and $72,650 levels. Bitcoin Price Aims for More Upsides Bitcoin price found support near $71,200 and started a fresh increase . BTC gained pace for a move above the $72,500 and $73,200 resistance levels. The bulls even pushed the price above the key level at $75,000. A high was formed at $76,088, and the price is now consolidating gains. There was a minor decline below the 23.6% Fib retracement level of the upward move from the $70,518 swing low to the $76,088 high. Bitcoin is now trading above $74,200 and the 100 hourly simple moving average . There is also a declining channel forming with resistance at $75,200 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com If the price remains stable above $74,000, it could attempt a fresh increase. Immediate resistance is near the $74,800 level. The first key resistance is near the $75,200 level. A close above the $75,200 resistance might send the price further higher. In the stated case, the price could rise and test the $76,000 resistance. Any more gains might send the price toward the $77,500 level. The next barrier for the bulls could be $78,000. Downside Correction In BTC? If Bitcoin fails to rise above the $75,200 resistance zone, it could start another decline. Immediate support is near the $73,950 level. The first major support is near the $73,300 level. The next support is now near the $72,650 zone or the 50% Fib retracement level of the upward move from the $70,518 swing low to the $76,088 high. Any more losses might send the price toward the $72,000 support in the near term. The main support now sits at $71,850, below which BTC might struggle to recover 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 – $73,950, followed by $72,650. Major Resistance Levels – $75,200 and $76,000.