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Bitcoin started to recover above the $83,500 area. BTC consolidates and could struggle to settle over the $85,500 region.
- Bitcoin began a solid recovery above the $83,500 area.
- Above the 100-hour Simple Moving Average, and above the price of $83,000.
- The hourly BTC/USD chart shows a connective bullish line with support around $84,500. (Data feed by Kraken)
- If the pair stays over $83,500, they could begin another growth.
Bitcoin Prices Start Recovery
The Bitcoin price has managed to remain above $2,000 $82,000 support zone. BTC recently began a nice recovery above the $82,500 zone of resistance.
The bulls have been able to drive the price past the $83,500 resistance level and the $84,200 support levels. Price even rose above $85,000 resistance. At $85,487, a new high was established and now the price consolidates gains over the 23,6% Fib level of the uptrend from the $81,320 low swing to the $85,487 peak.
Bitcoin is currently trading at $83,500. 100 hourly Simple moving average. The hourly chart for the BTC/USD pairs also shows a connective bullish trendline with a support level of $84,550.
A resistance near $85,200 is the immediate upwards barrier. Near the $85,500 mark, we find our first major resistance. Next, the key resistance might be $85,850. If the price closes above $85,850, it could send the market higher. The price may rise in the case stated and try to test the resistance of $86,650. Any further gains could send the price towards the $88,000 level, or even $88,500.
BTC to decline again?
Bitcoin may start another decline if the 84,5500 zone of resistance is not overcome. Near the $84,500 and trend line, there is immediate support for the downside. The trend line and $84,500 are the first two major supports.
Near the current support level of $82,850, we can expect to see a price drop towards this next support. If the market continues to fall, it could soon reach the $82,000 level. Main support is $80,500.
Indicators of 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 – $84,500, followed by $83,500.
Major Resistance Levels – $85,200 and $85,500.
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Source: www.newsbtc.com
