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Bitcoin’s price has started to recover above $80,500. BTC has started to rise and could aim at the levels of $84,000 or $85,000.
- Bitcoin has started to recover above $81,000.
- Price is above the Simple Moving Average of 100 hours and $81,500.
- On the hourly chart for the BTC/USD, there was a breakdown below the short-term trendline with support of $83,000 (data from Kraken).
- If the pair clears $82,500 or $84,000, they could begin another rise.
Bitcoin price is expected to increase steadily
Bitcoin price remained stable Above the $78,000 mark. BTC recently began a wave of recovery above the resistance level $80,500.
The bulls drove the price over the resistance level of $82,000. The bears, however, were very active around the $84,000 zone of resistance. The price corrected some gains and formed a high at $84,200. The price moved below $83,000.
Price dropped below 50% of the Fib level retracement for the move upward from the swing low at $76,818 to the high of $84,200. On the hourly BTC/USD chart, the price broke below the short-term trendline with support of $83,000.
Bitcoin is currently trading at $81,200. 100 hourly Simple moving average. To the upside, the immediate resistance level is around $82,450. Near the $84,000 mark, we find our first major resistance. The next major resistance level could be around $85,000.
If the price closes above $85,000, it could send the market higher. The price may rise to test $86,500 as resistance in the case stated. If the price gains more, it could reach the $96,200 level or the $88,000.
One more drop in BTC?
Bitcoin could begin a new decline if it fails to break through the resistance level of $82,450. On the downside, immediate support is located near the level of $80 500. First major support near $79,600 or the Fib level of 61.8% retracement from the swing low at $76,818 to the high at $84,200.
Next support zone is near $78,500. If the market continues to fall, it could soon reach the support level of $77,000. The major support is $76,500.
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 – $80,500, followed by $79,600.
Major Resistance Levels – $82,450 and $84,000.
“This article is not financial advice.”
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Source: www.newsbtc.com
