TA: Bitcoin Consolidates Gain: What Could Trigger Fresh Rally
Bitcoin is showing positive signs above the $61,200 support against the US Dollar. BTC could start a fresh rally if it clears the $62,200 resistance zone.
Bitcoin is trading in a positive zone above the $60,000 and $61,200 levels.
The price is now trading above $61,200 and the 100 hourly simple moving average.
There is a major bullish trend line forming with support near $61,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a fresh rally and it might rise towards the $63,500 level in the near term.
Bitcoin Price Remains Supported
Bitcoin price remained strong above the $60,000 zone and traded in a positive zone. BTC jumped above the $62,000 level before starting a downside correction.
A high was formed near the $62,885 before there was a minor decline. The price declined below the $62,000 and $61,200 levels. However, the price remained supported near the $59,200 level and the 100 hourly simple moving average.
Recently, the price climbed higher and climbed above $61,200. However, the price is struggling above the $62,200 level. A high was formed near $62,672 before there was another decline. It traded as low as $59,900 and recently recovered above $61,000.
Bitcoin surpassed the 50% Fib retracement level of the downside correction from the $62,672 swing high to $59,900 low. There is also a major bullish trend line forming with support near $61,000 on the hourly chart of the BTC/USD pair.
The pair is now testing the 76.4% Fib retracement level of the downside correction from the $62,672 swing high to $59,900 low. On the upside, 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 doors for more upsides. The next major resistance sits near the $63,500 level, above which the price might rise towards the $65,000 level.
Dips Supported In BTC?
If bitcoin fails to clear the $62,200 resistance zone, it could start a downside correction. An immediate support on the downside is near the $61,200 level.
The first major support is now forming near the $61,000 level, the trend line, and the 100 hourly SMA. A downside break below the $61,000 level could push the price towards $60,000.
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $61,200, followed by $61,000.
Major Resistance Levels – $62,200, $62,850 and $63,500.