Bitcoin price started a recovery wave above the $76,500 zone. BTC is consolidating and could target more gains if it breaks the USD 77,450 resistance zone.
- Bitcoin managed to form a base above $76,000 and started a recovery wave.
- The price is trading above USD 76,500 and the 100 hourly moving average.
- A bearish trendline is forming with resistance at $77,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it settles above the $77,450 zone.
Bitcoin Price Eyes New Gains
Bitcoin price remained supported above the $75,000 zone. BTC formed a base and settled above $76,200 to start a recovery wave. There was a move above the USD 76,500 and USD 76,600 levels.
The bulls were able to push the price above the 50% Fib retracement level of the downward move from the $78,100 swing high to the $74,209 low. However, the bears are active around $77,000. A bearish trendline is also forming with resistance at $77,050 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading above $76,500 and the 100 hourly moving average. If the price remains stable above USD 77,050, a new increase can be attempted. Immediate resistance is near the $77,450 level or the 83.2% Fib retracement level of the downward move from the $78,100 swing high to the $74,209 low.
The first major resistance is around the $78,000 level. A close above the USD 78,000 resistance could send the price rising further. In the mentioned case, the price could rise and test the USD 79,000 resistance. Any further gains could send the price towards the USD 81,500 level. The next barrier for the bulls could be $82,000.
Another drop in BTC?
If Bitcoin fails to rise above the USD 77,450 resistance zone, it could trigger another decline. The immediate support is near the $76,150 level.
The first major support is near the $75,650 level. The next support is now near the $76,000 zone. Any further losses could send the price towards the $75,000 support in the short term. The key support now lies at $74,200, below which BTC could struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – $76,150, followed by $75,650.
Major resistance levels – $77,450 and $79,000.