TA: Bitcoin Consolidation, Here's Why BTC Could Be Over $ 64,000

Bitcoin's price started a downward correction in the $ 54,900 area against the US Dollar. If BTC consolidates and releases $ 54,900, it could start another spike. Bitcoin is showing positive signs above the $ 62,500 and $ 62,000 levels. The price is currently trading well above the $ 62,000 level and the 100 hourly simple moving average. A major contraction triangle is forming on the hourly chart of the BTC / USD pair (Kraken data stream) with resistance near $ 63,700. The pair looks set to start another rally, clearing the key resistance area at $ 64,000. Bitcoin price holds Bitcoin's trading profit at an all-time high of $ 64,892 before starting a downward correction. BTC corrected below the $ 64,000 and $ 63,500 support levels. It tumbled below the $ 62,000 support, but the 100 hourly simple moving average served as support. The price is currently trading well above the $ 62,000 level and the 100 hourly simple moving average. It bounced above the 50% Fib retracement level from the last drop to the high 64. $ 892 – $ 61,292. Source: BTCUSD on TradingView.com However, the bulls are currently facing resistance near the $ 63,500 area. A major narrowing triangle is forming with resistance around $ 63,700 on the hourly chart of the BTC / USD pair. Triangle resistance is near the 61.8% Fib retracement level of the last decline from the $ 64,892 low to $ 61,292 low. A successful break above triangle resistance could trigger an upward break above the $ 64,000 level. In this case, the price may rise to the level of 65,000 USD. Further earnings in the short term may require moving to $ 66,500 and $ 66,800. Are drops supported in BTC? If Bitcoin does not move above $ 63,700 and $ 64,000, another downward correction could occur. Initial bearish support is near the $ 62,500 level. The main support is currently forming near the $ 62,000 level and the triangle trend line. A break below the trend of the triangle Read more

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