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Bitcoin’s price began to rise steadily above $86,500. BTC may be correcting its gains now and finding bids in the area of $87,000.
- Bitcoin began a solid recovery above the $87,000 area.
- Price is above the Simple Moving Average of 100 hours and $86,800.
- On the BTC/USD hourly chart, there is a bullish line connecting the $87400 support level (data from Kraken).
- They could increase again if they clear the levels of $88,000 and $88.800.
Bitcoin price starts to consolidate
Price of Bitcoin remained the same stable Above the $84,200 Level. BTC recently began a wave of recovery above the $86,500 level.
The bulls drove the price over the resistance level of $88,000. The bears, however, were more active around the $88,800 zone. Recently, a swing high of $88,500 was made and then the price corrected. gains. A move was made below the $88,000 mark.
Price dipped to test the Fib 50% retracement of the upswing from $86,306 swing-low to $88,500. Now, the Bitcoin price is trading over $86,500 as well as above 100-hourly Simple Moving Average. A bullish line is also developing with a support of $87,400 in the hourly BTC/USD chart.
A resistance near $88,000 is the immediate upwards barrier. Near the $88,500 mark, we find our first major resistance. The next major resistance level could be $88,800.
If the price closes above $88,800, it could send the market higher. Price could test $89500 as resistance in this case. Adding to the gains could push the price up towards the $90,000.500 level.
BTC: More losses in BTC?
Bitcoin may start another decline if the resistance level of $88,000 is not overcome. The trendline and $87,400 are the immediate support levels on the downside. The $87,150 support level is the first significant level. This level represents the 61.8% Fib of the move upwards from the $86,306 low swing to the $88,500 peak.
Next support zone is near $86,500. If the market continues to fall, it could soon reach the $85,000 level. Main support is $84,500.
The following are 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 – $87,400, followed by $87,150.
Major Resistance Levels – $88,000 and $88,800.
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Source: www.newsbtc.com
