Bitcoin Price Targets Higher Levels: Can the Momentum Hold?
September 24 2024 - 10:39PM
NEWSBTC
Bitcoin price is again rising above the $63,800 resistance. BTC
could gain pace if it clears the $64,750 resistance zone and then
$65,000. Bitcoin is aiming for more gains above the $64,800 zone.
The price is trading above $63,650 and the 100 hourly Simple moving
average. There was a break above a short-term contracting triangle
with resistance at $63,750 on the hourly chart of the BTC/USD pair
(data feed from Kraken). The pair could extend gains if it breaks
the $64,750 resistance zone. Bitcoin Price Could Surpass $65,000
Bitcoin price started another increase from the $62,500 zone. BTC
was able to clear the $63,500 and $63,800 resistance levels. The
bulls even pushed the price toward the $64,750 level. There was a
break above a short-term contracting triangle with resistance at
$63,750 on the hourly chart of the BTC/USD pair. A high was formed
at $64,770 and the price is now correcting gains. There was a drop
below the $64,600 and $64,400 support levels. The price dipped
below the 23.6% Fib retracement level of the upward move from the
$62,761 swing low to the $64,770 high. Bitcoin is now trading above
$63,800 and the 100 hourly Simple moving average. If there is a
fresh increase, the price could face resistance near the $64,750
level. The first key resistance is near the $65,000 level. A clear
move above the $65,000 resistance might send the price higher. The
next key resistance could be $65,500. A close above the $65,500
resistance might spark more upsides. In the stated case, the price
could rise and test the $66,800 resistance. Another Decline In BTC?
If Bitcoin fails to rise above the $64,750 resistance zone, it
could continue to move down. Immediate support on the downside is
near the $63,750 level and the 50% Fib retracement level of the
upward move from the $62,761 swing low to the $64,770 high. The
first major support is near the $63,250 level. The next support is
now near the $62,500 zone. Any more losses might send the price
toward the $61,200 support 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 – $63,750, followed by
$62,500. Major Resistance Levels – $66,750, and $65,000.
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