Bitcoin has begun a new increase, and it cleared $81,200. BTC has been consolidating, and could aim to gain more above $82,500.
- Bitcoin is still above $82,200, and has started to increase.
- The current price of the stock is higher than $80.800, and above 100-hour simple moving average.
- On the BTC/USD hourly chart, there is a rising trendline with support around $80.850 (data from Kraken).
- If the pair stays above $80,200 or $80,000 it could extend its gains.
Bitcoin Prices Climb Further
The Bitcoin price has found support at $79,200. A new trend began. increase. BTC has gained momentum for an upward move over the resistance levels of $79,800.
Bulls even drove the price over $81,500. The price entered a phase of consolidation after forming a high at $82,790. A minor drop was seen below the Fib level 23.6% retracement of the move upward from the swing low at $74,940 to the high of $82,790.
Bitcoin has now reached a price of $80,500. 100 hourly simple moving average. On the BTC/USD hourly chart, there is also a rising trendline with support of $80.850.
It could try to increase if the price stays above $81,500. The immediate resistance level is around $82,000. First key resistance near $82,750. If the price closes above the $82,750 level, it could send the market higher. The price may rise in the case stated and try to test the resistance of $83,500. Any further gains could send the price towards the $84,200 barrier. Bulls may face a next hurdle of $85,000.
Downside Correction In BTC?
Bitcoin could begin a new decline if it fails to break through the resistance zone of $82,000. Near the trendline, and near the 80,800-level is immediate support. First major support near $80,200.
Next support lies near $78,850 and 50% Fib of the move upward from the swing low $74,940 to the high $82,790. In the short term, any further losses could send the price towards the support of $77.850. BTC could struggle to recover if it falls below $76,500.
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 – $80,800, followed by $80,000.
Major Resistance Levels – $82,000 and $82,500.
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Source: www.newsbtc.com
