Bitcoin price started a recovery wave above the $82,500 zone. BTC is now rising and might aim for a move above the $86,500 and $87,200 levels.
- Bitcoin started a decent recovery wave above the $83,000 zone.
- The price is trading above $84,500 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support at $85,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it clears the $86,200 and $87,000 levels.
Bitcoin Price Eyes Steady Increase
Bitcoin price remained stable above the $82,000 level. BTC formed a base and recently started a recovery wave above the $83,500 resistance level.
The bulls pushed the price above the $85,000 resistance level. However, the bears were active near the $86,500 resistance zone. A high was formed at $85,591 and the price corrected some gains. There was a move below the $85,000 level.
The price dipped below the 23.6% Fib retracement level of the upward move from the $83,667 swing low to the $85,591 high. Bitcoin price is now trading above $85,200 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $85,200 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is near the $86,000 level. The first key resistance is near the $86,500 level. The next key resistance could be $87,200. A close above the $87,200 resistance might send the price further higher. In the stated case, the price could rise and test the $88,500 resistance level. Any more gains might send the price toward the $88,800 level or even $90,000.
Another Drop In BTC?
If Bitcoin fails to rise above the $86,500 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $85,500 level. The first major support is near the $85,200 level or the 50% Fib retracement level of the upward move from the $83,667 swing low to the $85,591 high.
The next support is now near the $84,500 zone. Any more losses might send the price toward the $83,000 support in the near term. The main support sits at $81,500.
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.