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Bitcoin has started to recover above the $85,500 area. BTC may be reversing all of its gains or even slipping back towards the $85,000 zone.
- Bitcoin has started to recover above $84,500.
- Price is currently trading at $83,500, and 100-hour Simple Moving Average.
- On the hourly chart for the BTC/USD, there was a breakdown below the connecting bullish line that had support at $85,000 (data from Kraken).
- It is possible that the pair will start to increase again if they stay above $82,200.
The price of Bitcoin drops sharply
Bitcoin’s price managed to hold above $82,500. BTC has formed a strong base, and started to move upwards. decent recovery wave Above the $83,500 resist zone
Bulls managed to move the price over the resistance levels of $84,500, and $85,500. Price even rose above $88,000. At $89 042, a new high formed and the price began to fall sharply. A drop was seen below the levels of $86,000 or $85,000.
On the hourly BTC/USD chart, there was a breakdown below the connecting bullish line that provided support of $85,000. At $82,141, a low was established and now the price is consolidating at the 23.6% Fib level of recent declines from $89 042 swing high down to $82,141.
Bitcoin is currently trading at around $83,500. 100 hourly Simple moving average. A resistance level near $84,000 is the immediate upward barrier. First key resistance near $85,000.
Eighty-five thousand dollars and the 50 percent Fib level could represent the next major resistance. The recent drop from the swing high of $89,042 to the low of $82,141 was a significant decline. If the price closes above the $85,550 level of resistance, it could send the market higher. Price could test and rise above the $86,800 level in the case stated. The price could rise to $88,000, or even 88,500, if it gains any more.
BTC Losses Increased?
Bitcoin could begin a new decline if it fails to break through the resistance level of $85,000. The immediate support to the downside lies near the level of $82,800. First major support near $82,200.
Next support zone is near $81,350. In the short term, any further losses could send the price towards the support of $80.500. Main support is $80,000.
The following are technical indicators.
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $82,800, followed by $82,200.
Major Resistance Levels – $84,200 and $85,500.
“This article is not financial advice.”
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Source: www.newsbtc.com
