Bitcoin (BTC) has rebounded after a recent slump. Today, Bitcoin faces another rejection at the $62,300 resistance zone.
The cryptocurrency seems to be falling after hitting the resistance zone. However, for BTC/USD to resume its upward momentum, buyers are expected to push BTC above the $64,000 high.
This will catapult the BTC price to a retest of the high at $67,000. If the bulls overcome the current major resistance, the bitcoin price will rally to a level between $70,000 and $80,000. For the bears to continue their downtrend, the current support at $60,000 must be broken. Bitcoin will then fall further to the low of $58,500. However, if buyers successfully defend the psychological price level of $60,000, the support will hold. This will give BTC prices a new uptrend.
Bitcoin indicator reading
BTC price has risen to the 62 level of the Relative Strength Index of the period 14. The cryptocurrency is rising to regain the previous highs. Bitcoin has room to move up. The BTC price is trading above the 80% area of the daily stochastic. The cryptocurrency seems to be reaching the overbought area of the market.
Technical indicators:
Major Resistance Levels – $65,000 and $70,000
Major Support Levels – $60,000 and $55,000
What is the next direction for BTC/USD?
On the 1-hour chart, the BTC price is in an uptrend. The current uptrend is encountering rejection at the resistance zone at $62,300. BTC price is consolidating below this zone for a possible breakout. Meanwhile, the uptrend from October 25 has shown a candlestick testing the 78.6% Fibonacci retracement level. The retracement suggests that the BTC price will likely continue to rise, but will reverse at the 1.272 Fibonacci extension level, or $62,685.30.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.
Source: Read Full Article