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Bitcoin price started a steady increase above $ 86,500 zone. BTC now corrects profits and can find bids near the $ 87,000.
- Bitcoin started a decent wave of recovery above the $ 87,000 zone.
- The price is traded above $ 86,800 and the simple simple advancing average of 100 hours.
- There is a connecting bullish trend line that forms with support at $ 87,400 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 $ 88,800 levels.
Bitcoin -Price starts with consolidation
Bitcoin price remained stable above the level of $ 84,200. BTC formed a basis and recently started a recovery wave above the resistance level of $ 86,500.
The bulls pushed the price above the resistance level of $ 88,000. De Beren, however, were active near the $ 88,800 resistance zone. The recent Swing High was formed at $ 88,500 and the price corrected some winnings. There was a movement below the level of $ 88,000.
The price fell and tested the 50% FIB retracement level of the upward movement of the $ 86,306 Swing low to $ 88,500 high. Bitcoin price is now traded above $ 86,500 and the 100 simple advancing average per hour. There is also a connecting bullish trend line that forms with support for $ 87,400 on the hour table of the BTC/USD pair.
At the top is immediate resistance near the level of $ 88,000. The first key resistance is near the level of $ 88,500. The next key resistance can be $ 88,800.
A close by $ 88,800 can further send the price further. 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.
More losses in BTC?
If Bitcoin does not rise above the $ 88,000 resistance zone, this can start a new decline. Immediate support on the disadvantage is near the level of $ 87,400 and the trend line. The first major support is close to the $ 87,150 level or the 61.8% FIB retracement level of the upward movement of the $ 86,306 Swing low to $ 88,500 high.
The next support is now near the $ 86,500 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:
HORLY MACD – The MACD now loses pace in the bullish zone.
Picly RSI (Relative strength -Index) -The RSI for BTC/USD is now above 50 -level.
Important support levels – $ 87,400, followed by $ 87,150.
Important resistance levels – $ 88,000 and $ 88,800.