Bitcoin set a new ATH this morning, breaking a record above $68,000. According to technical analysis by NewsBTC’s Aayush Jindal, Bitcoin could accelerate further and test the $70,000 level:
- Bitcoin started a fresh increase above the $65,500 and $67,500 resistance levels.
- Price is currently trading above $67,000 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $65,200 on the hourly chart of the BTC/USD pair (data from Kraken).
- The pair could accelerate further towards the $70,000 and $72,000 levels.
Bitcoin Extends Rally
Bitcoin rallied above $68,000 to trade at an all-time high of $68,495. It is now trading above $67,000 and the 100 hourly simple moving average. It is also consolidating gains above the $68,000 level.
Initial support is near the $68,000 level. Bitcoin is also 23% of the upward move from $65,200 to $68,495. It is trading well above the 6 Fib retracement level. There is also a major bullish trend line forming with support near $65,200 on the hourly chart of the BTC/USD pair. An immediate resistance on the upside is near the $68,500 level. The first major resistance is near the $69,000 level. A clear break above the $69,000 resistance could likely open the doors for a move towards the USD 70,000 level. The next major resistance is near the $70. $120 level. Any further gains could lead the price towards the $72,000 level.
Will Bitcoin Drop?
According to Jindal, if Bitcoin fails to break past the $69,000 resistance zone, it could start a fresh downside correction. An immediate support on the downside is near the $68,000 level. The first major support is currently formed near the $67,700 level. More losses are likely to push the price towards the $66,850 level. This is close to the 50% Fib retracement level of the upward move from the $65,200 high to $68,495 high. The next major support is near the $66,500 level.
What Do Technical Indicators Say?
- Hourly MACD – The MACD is now gaining momentum in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently in the overbought zone.
- Main Support Levels – 68,000 then $67,700
- Main Resistance Levels – $68,500, $69,000 and $70,000