Ethereum TD Sequential Flashes Sell Signal – Is A New 50% Corrective Phase Starting?
Ethereum shows a new sell signal, raising concerns of a major correction as the CLARITY Act advances.
NewsBTC1 min read
Bitcoin Price Eyes Fresh Upside, Traders Watch For Breakout Move
TL;DR
Bitcoin price is recovering from a low of $73,650 and is currently trading above $75,000. Traders are watching for a potential breakout above the $76,500 resistance zone.
Key points
- Bitcoin price started a recovery wave from $73,650
- BTC is consolidating above $75,000
- Resistance at $76,500 is being monitored by traders
Bitcoin price started a recovery wave from the $73,650 zone. BTC is consolidating and might struggle to clear the $76,500 resistance zone.
- Bitcoin managed to form a base above $74,000 and started a recovery wave.
- The price is trading above $75,000 and the 100 hourly simple moving average.
- There was a break above a bearish trend line with resistance at $75,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might gain bullish momentum if it settles above the $76,500 zone.
Bitcoin Price Aims Higher
Bitcoin price extended losses below the $75,500 support zone. BTC even spiked below $74,000 before the bulls appeared. A low was formed at $73,637, and the price is now attempting to recover.
There was a move above the $74,500 and $75,000 levels. There was a break above a bearish trend line with resistance at $75,200 on the hourly chart of the BTC/USD pair. The pair even surpassed the 50% Fib retracement level of the downward move from the $78,344 swing high to the $73,637 low.
Bitcoin is now trading above $75,000 and the 100 hourly simple moving average. If the price remains stable above $75,000, it could attempt a fresh increase. Immediate resistance is near the $76,500 level and the 61.8% Fib retracement level of the downward move from the $78,344 swing high to the $73,637 low.
Source: BTCUSD on TradingView.com
The first key resistance is near the $77,250 level. A close above the $77,250 resistance might send the price further higher. In the stated case, the price could rise and test the $78,000 resistance. Any more gains might send the price toward the $78,500 level. The next barrier for the bulls could be $80,000.
Another Decline In BTC?
If Bitcoin fails to rise above the $76,500 resistance zone, it could start another decline. Immediate support is near the $75,400 level.
Q&A
What is the current price of Bitcoin?
Bitcoin is currently trading above $75,000 after recovering from a low of $73,650.
What resistance level is Bitcoin trying to break?
Bitcoin is attempting to clear the $76,500 resistance zone for potential bullish momentum.
What indicators suggest Bitcoin might gain momentum?
Bitcoin has formed a base above $74,000 and has broken above a bearish trend line at $75,200.
