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Bitcoin prices started to decline again below $85,500. BTC consolidates and could attempt to breach the $85,200 support zone.
- Bitcoin began a new decline under the $85,500 area.
- Price is below the Simple Moving Average of 100 hours and $85,000.
- The hourly chart for the BTC/USD pairs shows a connective bearish trendline with resistance around $84,800. (Data feed from Kraken)
- If the pair clears $85,000, they could begin another increment.
Bitcoin price to increase again
Bitcoin prices struggled around the $86,500 area and started a brand new decline. BTC fell below $85,500 to enter short-term negative territory.
A support of $83,200 was tested. At $83,171, a low formed and recently the price corrected its losses. A move was made above the level of $83,800. The price moved above the Fib 50% retracement of the decline from the swing high at $86,401 to the low at $83,171.
Bitcoin’s price has fallen below the $85,000 mark. 100 hourly Simple moving average. On the upside the level of $84,750 is the nearest immediate resistance. On the hourly BTC/USD chart, a bearish trendline is forming. Resistance at $84,800.
The first resistance area is located near $85,150, or the level where the 61.8% Fib Retracement Level of the downtrend from the high swing price of $86,401 and the low $83,171 occurs. Next, $85,500 could become a key resistance.
Price could rise if the resistance level of $85,500 is breached. The price may rise to test $85,800 as in the case stated. If the price gains more, it could move towards the $86,400 resistance level.
BTC to decline again?
Bitcoin’s decline could be accelerated if the price fails to climb above $85,000. The immediate support to the downside lies near the $83,900 mark. First major support near $83,200.
In the near term, any further losses could send the price towards support at $81,500. In the short term, any further losses could send the price towards the support of $81,500. Main support is $80,800.
Indicators of technical indicators
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major Support Levels – $83,200, followed by $82,200.
Major Resistance Levels – $84,750 and $85,150.
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Source: www.newsbtc.com
