bitcoin which has been moving lower for a while has managed to surpass its previous resistance level of $67,303.98 and has been showing signs of a possible rally since then.
At the time of writing, the btc price is up 0.04% and is currently trading at around $67,303.98. btc price is showing bullish signs and also forms a base above the $64,554.45 resistance level.
The price is trading above the downtrend line and the 100-day SMA on both the 4-hour chart and the daily chart, suggesting a bullish signal. This can be seen in the image below.
<img decoding="async" class="size-medium wp-image-300872 aligncenter" src="https://technicalterrence.com/wp-content/uploads/2024/05/Bitcoin-Breakout-from-Major-Resistance-Levels-Indicates-Bullish-Momentum.jpeg" alt="bitcoin” width=”640″ height=”372″ srcset=”https://bitcoinist.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-18-at-1.24.55-PM-1.jpeg?w=1438 1438w, https://technicalterrence.com/wp-content/uploads/2024/05/Bitcoin-Breakout-from-Major-Resistance-Levels-Indicates-Bullish-Momentum.jpeg 640w, https://bitcoinist.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-18-at-1.24.55-PM-1.jpeg?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-18-at-1.24.55-PM-1.jpeg?w=980 980w, https://bitcoinist.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-18-at-1.24.55-PM-1.jpeg?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-18-at-1.24.55-PM-1.jpeg?w=1140 1140w” sizes=”(max-width: 640px) 100vw, 640px” data-recalc-dims=”1″/>
The Relative Strength Index (RSI) on the 4-hour period also suggests that btc price is bullish as the RSI line tends to approach the overbought session above the 50% level. According to the RSI, the price could consolidate a bit before continuing in an upward direction.
Furthermore, the MACD 1-D also indicates bullish momentum as the MACD histograms are already trending above the zero line, while the MACD line and the MACD signal line have crossed 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, the price is expected to rise further.
1-Day Alligator: Finally, it can be seen that the price of bitcoin has successfully surpassed the William Alligator indicator. Both the crocodile's jaw and lip have crossed above the crocodile's teeth, suggesting the beginning of an upward movement.
<img loading="lazy" decoding="async" class="size-medium wp-image-300873 aligncenter" src="https://technicalterrence.com/wp-content/uploads/2024/05/1716066891_930_Bitcoin-Breakout-from-Major-Resistance-Levels-Indicates-Bullish-Momentum.jpeg" alt="bitcoin” width=”640″ height=”372″ srcset=”https://bitcoinist.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-18-at-1.24.55-PM.jpeg?w=1438 1438w, https://technicalterrence.com/wp-content/uploads/2024/05/1716066891_930_Bitcoin-Breakout-from-Major-Resistance-Levels-Indicates-Bullish-Momentum.jpeg 640w, https://bitcoinist.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-18-at-1.24.55-PM.jpeg?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-18-at-1.24.55-PM.jpeg?w=980 980w, https://bitcoinist.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-18-at-1.24.55-PM.jpeg?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-18-at-1.24.55-PM.jpeg?w=1140 1140w” sizes=”(max-width: 640px) 100vw, 640px” data-recalc-dims=”1″/>
What could happen if bitcoin continues to rise?
There are two resistance levels: $67,267.79 and $71,337.80. If bitcoin Price Continues increase rises with this momentum and surpasses the resistance level of $67,267.79, the price could advance further towards the resistance level of $71,337.80. A break of this resistance level would see prices rise significantly, likely to set a new high for the year.
What happens if the price goes down?
If the price fails to break through these aforementioned resistance levels, bitcoin will continue to move lower. There are currently three main support levels for btc, which are $64,554.45, $60,137.39, and $56,540.64.
If the price manages to continue in a bearish direction, it will move towards the support level of $64,554.45. And if this level fails to sustain the price, it could move further to test the support levels of $60,137.39 and $56,540.64.
Featured image from iStock, chart from Tradingview.com
