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Bitcoin price started a decent increase above $68,000 but failed at $70,000. BTC is now consolidating and might aim for more gains above $69,200.
- Bitcoin started a fresh increase after it settled above the $67,500 support.
- The price is trading above $68,000 and the 100 hourly simple moving average.
- There was a break above a bearish trend line with resistance at $66,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might dip again if it trades below the $67,400 and $67,000 levels.
Bitcoin Price Fails At $70,000
Bitcoin price managed to form a base above the $65,500 zone. BTC started a fresh increase and was able to surpass the $66,500 resistance zone.
The price even rallied above the $68,000 resistance. Besides, there was a break above a bearish trend line with resistance at $66,800 on the hourly chart of the BTC/USD pair. Finally, the bears appeared near $70,000. A high was formed at $70,100, and the price recently corrected some gains. There was a move below the 23.6% Fib retracement level of the upward move from the $63,030 swing low to the $70,100 high.
Bitcoin is now trading above $68,000 and the 100 hourly simple moving average. If the price remains stable above $67,500, it could attempt a fresh increase. Immediate resistance is near the $69,200 level.
The first key resistance is near the $69,500 level. A close above the $69,500 resistance might send the price further higher. In the stated case, the price could rise and test the $70,000 resistance. Any more gains might send the price toward the $70,500 level. The next barrier for the bulls could be $70,850 and $71,200.
Downside Continuation In BTC?
If Bitcoin fails to rise above the $70,000 resistance zone, it could start another decline. Immediate support is near the $68,000 level. The first major support is near the $67,500 level or the 50% Fib retracement level of the upward move from the $63,030 swing low to the $70,100 high.
The next support is now near the $65,650 zone. Any more losses might send the price toward the $65,000 support in the near term. The main support now sits at $64,200, below which BTC might struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $68,000, followed by $67,500.
Major Resistance Levels – $69,200 and $70,000.
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Solana started a fresh decline below the $165 pivot zone. SOL price is now attempting to recover and faces hurdles near the $165 zone.
- SOL price started a fresh decline below $162 and $160 against the US Dollar.
- The price is now trading below $162 and the 100-hourly simple moving average.
- There is a new bearish trend line forming with resistance at $159 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The price could continue to move up if it clears $160 and $162.
Solana Price Faces Hurdles
Solana price extended losses below $150 before the bulls appeared, like Bitcoin and Ethereum. SOL tested the $145 zone and recently started a recovery wave.
There was a move above the $150 and $155 resistance levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $188 swing high to the $145 low. However, the bears remained active near the $162-$165 resistance zone.
Besides, there is a new bearish trend line forming with resistance at $159 on the hourly chart of the SOL/USD pair. Solana is now trading below $162 and the 100-hourly simple moving average.
On the upside, immediate resistance is near the $160 level and the trend line. The next major resistance is near the $162 level. The main resistance could be $165. A successful close above the $165 resistance zone could set the pace for another steady increase.
The next key resistance is $172 and the 61.8% Fib retracement level of the downward move from the $188 swing high to the $145 low. Any more gains might send the price toward the $180 level.
Another Decline In SOL?
If SOL fails to rise above the $160 resistance, it could continue to move down. Initial support on the downside is near the $150 zone. The first major support is near the $145 level.
A break below the $145 level might send the price toward the $138 support zone. If there is a close below the $138 support, the price could decline toward the $130 zone in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bearish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major Support Levels – $150 and $145.
Major Resistance Levels – $160 and $165.
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