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Bitcoin started to recover above the $82,500 area. BTC price is rising now and may aim to move over the $86,500 & $87200 levels.
- Bitcoin began a solid recovery above the $83,000 area.
- Above the 100-hour Simple Moving Average, and above the price of $84,500.
- The hourly BTC/USD chart shows a connective bullish line with support of $85,200. (Data feed by Kraken)
- If the pair clears $86,200 or $87,000, they could begin another rise.
Bitcoin price to continue its steady increase
Bitcoin Price remained stable Above the $82,000 mark. BTC recently began a wave of recovery above the $83,500 level.
The bulls drove the price over the resistance level of $85,000. Bears however were present near the resistance level of $86,500. Price corrected since the high at $85,591. gains. A move was made below the level of $85,000.
The price dropped below the level that represents the 23.6% of the Fib retracement for the upswing from the low swing point at $83,667, to the high peak at $85,591. Bitcoin is currently trading at a price above $85,200, and also the hourly simple moving avg. On the hourly BTC/USD chart, a bullish trendline is forming at support of $85,200.
A resistance near $86,000 is the immediate upwards barrier. Near the $86,500 mark, we find our first major resistance. Next key resistance may be $86,200. If the price closes above $87,200 it could send the market higher. Price could test and rise above the $88,500 level in this case. If the price continues to rise, it could reach the level of $88,800 or even $90.000.
A Drop in BTC Prices?
Bitcoin may start another decline if the price fails to move above $86,500. The $85,500 is the immediate support for the downside. First major support near $85,200 or 50% Fib level is the move upward from the swing low of $83,667 to the high of $85,591.
Next support zone is near $84,500. If the market continues to fall, it could soon reach the support of $83,000. The major support is $81,500.
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 – $85,500, followed by $85,200.
Major Resistance Levels – $86,500 and $87,200.
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Source: www.newsbtc.com
