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Bitcoin has begun a new rise above the $83,500 area. BTC consolidates its gains now and could attempt to overcome the $85,500 support.
- Bitcoin has started to increase again above $83,500.
- Price is above the Simple Moving Average of 100 hours and $83,000.
- The hourly chart for the BTC/USD pairs shows a connective bullish trendline with support located at $84,200. (Data feed by Kraken)
- If the pair clears $85,500, they could begin another growth.
Bitcoin Price Sees Further Gains
The Bitcoin price has started to rise. fresh increase Above the $82,500 area. BTC has formed a strong base, and is now gaining momentum to move past the resistance levels of $83,500 and $83,500.
Bulls have pushed the price over the resistance of $84,500. At $85,850, a high was reached and recently the price began a downward correction. The price moved below the $84,000 level of support. Price dropped below the Fib level that represents the 23.6% retracement of the move upwards from the swing low at $78,600 to the high at $85,850.
Bulls were also active in the zone near $83,000 and price recovered. losses. Bitcoin is currently trading at a price above $83,500, and also the Simple Moving Average of 100 hours. On the hourly BTC/USD chart, a bullish trendline is forming. It has support at $84,200.
The first key resistance near $85,000 is on the upside. First key resistance near $85,500. The next major resistance level could be $86,200. The price could rise if it closes above $86,200. Price could test $87.500 level in the case stated. Any further gains could send the price towards the $88,000 level.
BTC: Another rejection?
Bitcoin’s next decline could be triggered if the price fails to climb above $85,500. Near the trend line and $84,200, the immediate support is on the downside. First major support near $83,200.
Next support lies near $82,200 and is the Fib 50% retracement of the move upward from the swing low at $78,600 to the high at $85,850. In the short term, any further losses could send the price towards the $81,500 level of support. The major support lies at $81,800.
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 – $84,200, followed by $83,500.
Major Resistance Levels – $85,500 and $85,850.
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Source: www.newsbtc.com
