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Bitcoin has begun a new rise above $80,000. BTC may now be correcting its gains and struggle to hold above the $79,000 support.
- Bitcoin began a new increase over the $80,000 region.
- Above $79,500 is the Simple Moving Avg. of 100 hours.
- The hourly BTC/USD chart shows a bearish connecting trendline with resistance around $80,500 (data feed by Kraken).
- If the pair clears $80,500 then they could begin another growth.
Bitcoin Prices Drop Again
The Bitcoin price has started to rise. fresh increase Above the $77,500 area. BTC gained momentum and formed a solid base to push above $79,500 resistance and $80,000.
Bulls have pushed the price past the resistance of $82,500. At $83,548 a high was created and recently the price began a downward correction. A move was made below the $81,500 level of support. The price dropped below the level that represents the 23.6% of Fib’s retracement from the low swing point at $74,572 up to the high $83,548.
Bitcoin has now reached a price of $79 200 and above. 100 hourly Simple moving average. On the upside the immediate resistance level is around $80,500. On the hourly BTC/USD chart, a connecting bearish line is also developing with resistance near $80.500.
First key resistance near $81,500. Next key resistance may be around $82,500. If the price closes over the $82,500 level, it could send the market higher. Price could test $83,500 level in this case. If the price continues to rise, it could reach the $85,000 resistance level.
BTC Losses Increased?
Bitcoin could fall further if it fails to break through the resistance level of $80,500. The immediate support level on the downside lies near $79,500. First major support near $79,000 and 50% Fib level. The upward movement from $74,572 swing-low to $83,548 is retraced by this level.
Next support zone is near $78,000. If the market continues to fall, it could soon reach the $76,500 level. Main support is $75,000.
The following are 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 – $79,500, followed by $79,000.
Major Resistance Levels – $80,500 and $81,500.
“This article is not financial advice.”
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Source: www.newsbtc.com
