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Bitcoin price started a recovery wave above $ 83,500 zone. BTC is now consolidating and may have difficulty setting up above $ 85,500 zone.
- Bitcoin started a decent wave above $ 83,500 zone.
- The price is traded above $ 83,000 and the simple simple advancing average of 100 hours.
- There is a connecting bullish trend line that forms with support at $ 84,500 on the hourly table of the BTC/USD pair (data specialty).
- The couple can start a new increase if it remains above $ 83,500 zone.
Bitcoin -Price starts recovery
Bitcoin Price succeeded in staying above the $ 82,000 support zone. BTC formed a basis and recently started a decent wave of recovery above the $ 82,500 resistance zone.
The bulls could push the price above the resistance levels of $ 83,500 and $ 84,200. The price even climbed above $ 85,000. A high was formed at $ 85,487 and the price is now consolidating profit above the 23.6% FIB retracement level of the upward movement of the $ 81,320 Swing Low to the $ 85,487 High.
Bitcoin price is now traded above $ 83,500 and the simple simple advancing average per hour. There is also a connecting bullish trend line that forms with support for $ 84,550 on the hour table of the BTC/USD pair.
At the top is immediate resistance near the level of $ 85,200. The first key resistance is near the level of $ 85,500. The next key resistance can be $ 85,850. A close -up resistance of $ 85,850 can further send the price. In the case mentioned, the price could rise and the resistance level of $ 86,650 tests. More profits can send the price to the level of $ 88,000 or even $ 88,500.
Another decline in BTC?
If Bitcoin does not rise above the $ 85,500 resistance zone, this can start a new decline. Immediate support on the disadvantage is near the level of $ 84,500 and the trend line. The first major support is near the $ 83,500 level and the 50% FIB retracement level of the upward movement of the $ 81,320 Swing low to $ 85,487 high.
The next support is now near the $ 82,850 zone. More losses can send the price in the short term to the support of $ 82,000. The most important support is at $ 80,500.
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 – $ 84,500, followed by $ 83,500.
Important resistance levels – $ 85,200 and $ 85,500.