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Bitcoin price remained supported above $ 85,500 zone. BTC is now rising and can strive for a movement above the $ 88,000 resistance zone.
- Bitcoin started a new wave of recovery above the $ 87,000 zone.
- The price is traded above $ 87,000 and the simple simple advancing average of 100 hours.
- There is an important bearish trend line that forms with resistance at $ 88,200 on the hour table of the BTC/USD pair (data feed from Kraken).
- The couple can start a new increase if it knew the $ 88,000 and $ 88,200 levels.
Bitcoin -price remains supported
Bitcoin price remained stable above the level of $ 85,500. BTC formed a basis and recently started a recovery wave above the resistance level of $ 86,200.
The bulls pushed the price above the resistance level of $ 87,000. There was a decent upward move and the price was able to erase the FIB retraction level of 50% of the recent downward correction of the $ 88.259 Swing high to $ 85,853 Swing Low.
Bitcoin price is now traded above $ 86,500 and the 100 simple advancing average per hour. In addition, immediate resistance is near the $ 87,700 level and the 76.4% FIB retracement level of the recent downward correction of the $ 88,259 Swing High to $ 85,853 Swing Low.
The first key resistance is near the level of $ 88,000. The next key resistance can be $ 88,200. There is also an important bearish trend line that forms with resistance at $ 88,200 on the hour table of the BTC/USD pair.
An end above the resistance of $ 88,200 can further send the price. In the case mentioned, the price could rise and the resistance level of $ 89,500 tests. More profits can send the price to the level of $ 90,000 or even $ 90,500.
Another drop in BTC?
If Bitcoin does not rise above the $ 88,200 resistance zone, this can start a new decline. Immediate support on the disadvantage is close to the $ 87,000 level. The first major support is near the level of $ 86,500.
The next support is now near the $ 85,500 zone. More losses can send the price in the short term to the support of $ 85,000. The most important support is $ 84,500.
Technical indicators:
MACD per hour – The MACD now wins pace in the bullish zone.
Picly RSI (Relative strength -Index) -The RSI for BTC/USD is now above 50 -level.
Important support levels – $ 87,000, followed by $ 86,500.
Large resistance levels – $ 88,000 and $ 88,200.