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Bitcoin

Bitcoin Breakout From Major Resistance Levels Signals Bullish Momentum

Godspower Owie
by Godspower Owie
1 year ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin which has been moving downward for a while now has managed to break above its previous resistance level of $67,303.98 and has been showing signs of a potential rally ever since.

At the time of writing, the price of BTC is up by 0.04%, and it is currently trading at around $67,303.98. BTC’s price is showing bullish signs and also forming a base above the $64,554.45 resistance level.

The price is trading above both the bearish trend line and the 100-day Simple Moving Average (SMA) both on the 4-hour chart and the daily chart suggesting a bullish signal. This can be seen in the image below.

Bitcoin

The Relative Strength Index (RSI) on the 4-hour timeframe also suggests that the price of BTC is bullish as the RSI line is trending close to the overbought session above the 50% level. According to the RSI, the price might make a little consolidation before continuing in the upward direction. 

Furthermore, the 1-D MACD also indicates a bullish momentum as the MACD histograms are already trending above the zero line, while the MACD line and the MACD signal line have crossed each other and are heading towards the MACD zero line. If both the MACD line and the MACD signal line successfully cross above the MACD zero line, then the price is expected to move further upward.

1-Day Alligator: Finally, it can be observed that the price of Bitcoin has successfully crossed above the William Alligator indicator. Both the Alligator jaw and lip have crossed above the alligator teeth suggesting the start of an upward movement.

Bitcoin

What Could Happen If Bitcoin Continues To Surge Upward?

There are two levels of resistance $67,267.79 and $71,337.80. If Bitcoin’s price continues to surge upward with this momentum and breaks above the $67,267.79 resistance level, the price could move further toward the $71,337.80 resistance level. A breakout from this resistance level would see prices rising significantly, probably to set a new high for the year.

What If The Price Declines?

If the price fails to break above these resistance levels mentioned above, Bitcoin will continue to move downward. There are currently three main support levels for BTC, which are $64,554.45, $60,137.39, and $56,540.64.

Should the price manage to continue in a downward direction, it will move toward the $64,554.45 support level. And if this level fails to hold the price, it might move even further to test both the $60,137.39 and $56,540.64 support levels.

Bitcoin
BTC trading at $66,986 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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