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Bitcoin is rising above $87,500. BTC continues to gain momentum, and could continue above the $88,800 area in the near future.
- Bitcoin began to rise after it found support near $85,000.
- Above $87.500, the price has traded above 100-hour Simple moving average.
- The hourly BTC/USD chart shows a connective bullish line with support around $87,300 (data feed by Kraken).
- It is possible that the couple could increase again if they clear $88,800.
Bitcoin price to see more gains
Price of bitcoin remained steady above the $84,200 mark and began to increase. fresh increase. BTC has been able to rise above resistance levels of $85,500 or $86,200.
Bulls managed to push the price over the resistance of $88,000. Even the price spiked up and tried to test $88,800. Near $88,800 a new high has been formed and price gains are consolidating over the 23.6% Fib level of upward movement from the $86,400 low swing to the $88,800 peak.
Bitcoin has now reached a price of $87,500. 100 hourly Simple moving average. On the BTC/USD hourly chart, there is a bullish connecting trend line with support of $87300.
Near the level of $88,600, there is immediate resistance to the upside. First key resistance near $88,800. Next key resistance may be $88,500. If the price closes above $89,500 then it could send the market higher. Price could test $90.500 level in this case. If the price continues to rise, it could reach the $92,000 resistance level.
Downside Correction In BTC?
Bitcoin may start to correct downwards if the resistance level of $88,800 is not overcome. The $88,000 support level is the immediate downside support. The $87.600 support level is the first significant level. It also represents the Fib 50% retracement of the move upwards from the swing-low $86,400 high to the 88,800 high.
In the near term, any further losses could send the price towards support at $86,400. In the short term, any further losses could send the price towards the support of $86,400. Main support is $85,500.
Indicators of technical indicators
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $88,000, followed by $87,600.
Major Resistance Levels – $88,800 and $89,500.
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Source: www.newsbtc.com
