Bitcoin Remains Stable After Correction: Bullish Мomentum Prevails
Bitcoin's value remains stable around the $69,000 mark after a recent correction. The digital currency is now consolidating, with the potential for another increase in the near future.
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Despite a brief struggle above the $71,800 resistance area, BTC is currently trading above $69,000 and the 100-hour simple moving average (SMA).
Bitcoin bullish pattern
Bitcoin surged past the $70,000 mark and peaked above $71,200, only to encounter resistance near $72,000. This surge ended with a new weekly high of $71,896, followed by a subsequent correction. The correction saw Bitcoin fall below the $71,000 mark and the 23.6% Fibonacci retracement level obtained from the bullish wave spanning from the lows of $66,047 to the highs of $71,896. Despite this correction, bullish activity remained above the critical $68,800 support zone.
A significant uptrend line is forming, supported by $69,200 on the hourly BTC/USD chart, indicating a potential upside move. The price is currently facing resistance around the $70,500 level, with the main hurdle at $71,200.
Beyond that, the next notable resistance could come in at $71,850. A decisive break above the $71,850 resistance could trigger an upside spike, potentially testing the $72,500 resistance.
Continued momentum could push BTC further towards the $73,200 resistance, with the possibility of reaching the $74,500 resistance in case of sustained gains.
If Bitcoin fails to break above the $71,200 resistance area, the downward movement could continue. Immediate support is near the $69,200 level and the trend line, with the initial major support at $69,000. Major support is consolidating around $68,800 or the 50% Fibonacci retracement level. Further declines could potentially take the price to the $67,300 support area in the near term.
The RSI for BTC/USD is currently above the 50 level, indicating healthy buying interest in Bitcoin.
Key Support and Resistance Levels for Bitcoin
Key support levels: $69,200, $68,800 and 50% Fibonacci retracement level of the uptrend from $66,047 swing low to $71,896 high.
Key resistance levels: $70,500, $71,200, $71,850, $72,500 and $74,500.
Ethereum continued its uptrend, hitting a new weekly high of $3,838 before consolidating gains. ETH is trading above key resistance levels at $3,500 and $3,650, with prices holding above $3,700 and the 100-hour SMA.
A short-term uptrend line is forming, offering support at $3,710 on the hourly ETH/USD chart. Immediate resistance is expected at the $3,840 level, with significant resistance at $3,880 and major resistance at $3,950. A successful break above $3,950 could push the price towards $4,000 and potentially $4,080.
Ether’s continued bullish momentum could see it test the $4,250 mark. However, if Ethereum faces challenges beyond the $3840 resistance level, it could undergo a downward correction. Initial support is expected at $3,710, reinforced by the established trend line. Below that, the $3,620 area stands out as a significant level of support. A further move down could lead to a drop to $3,450 or the 50% Fibonacci retracement level at $3,380 in the short term.
Key Support and Resistance Levels for Ethereum
Support level: $3,620 on a downside.
Resistance level: $3,840 as Ethereum looks for higher price targets.
MACD for ETH/USD is gaining momentum in the bullish zone. The RSI for ETH/USD is correcting from the overbought zone at 75, possibly signaling a short pullback or consolidation.
Cardano (ADA) is lagging behind other altcoins, failing to initiate a strong uptrend despite testing key support levels. The cryptocurrency is currently trading above $0.480 and the 100-hour SMA, demonstrating some resilience in the market.
Disclaimer: This article is SPONSORED content. It should not be considered investment advice. The text and images were provided by a third party. The content does NOT reflect CoinsPress’ opinion and thorough research is advised before venturing into any type of investment practices, especially in the volatile crypto space.