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Bitcoin is gradually moving upwards above $83,500. BTC needs to clear the $85,200 zone of resistance in order to move higher.
- Bitcoin’s recovery began at $83,200.
- Price is above the Simple Moving Average of 100 hours and $84,500.
- The hourly chart shows a break over a bearish line that connects to a resistance level of $84,650. (Data feed by Kraken)
- If the pair clears $85,200, they could begin another growth.
Bitcoin price is on the Rise Again
The Bitcoin price has started to rise. fresh decline Below the $86,200, and $85,500 level. BTC fell below $84,00 before bulls even appeared.
The price was testing the support of $83,200. At $83,171, a low formed and recently the price started to rise. recovery wave. The price rose above the $84,500 zone of resistance. A break was made above the Fib level 50% of the move downward from the $86,400 swing low to the $83,171 bottom.
On the hourly BTC/USD chart, we also saw a breakout above the bearish trendline with resistance of $84,650. The Bitcoin price has now risen above the $84,500 mark and 100-hourly simple moving average.
Near the level of $85,200, there is immediate resistance on the upside. This is close to the 61.8% Fib level of the decline from the swing high $86,400 down to the low $83,171. Near the $85,500 mark, we have our first major resistance. Next, the key resistance level could be around $86,500.
If the price closes above $86,500, it could send it higher. The price may rise to test $87,200 as a resistance. Adding to the gains could push the price up towards the $88,800 mark.
BTC: Another drop in the BTC price?
Bitcoin’s next decline could be triggered if the price fails to climb above $85,200. The immediate support to the downside lies near the $84,500-level. Near the $84,000 support level, we find our first significant support.
Near the current support level of $83,200, we can expect to see the next major resistance. If the market continues to fall, it could soon reach the $82,500 level. Support is mainly at $81,800.
The following are 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 – $84,500, followed by $83,200.
Major Resistance Levels – $85,200 and $85,500.
“This article is not financial advice.”
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Source: www.newsbtc.com
