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Bitcoin Price started another fall below $ 83,500 zone. BTC is now consolidating and may have difficulty recovering above $ 83,850 zone.
- Bitcoin started a new decline under the $ 83,200 support zone.
- The price is traded under $ 83,000 and the simple simple advancing average of 100 hours.
- There is a connecting bullish trend line that forms with support at $ 82,550 on the hour table of the BTC/USD pair (data feed from Kraken).
- The couple can start a new decline if it remains under the $ 83,850 resistance zone.
Bitcoin -Price is reserved
Bitcoin price could not start a recovery wave and remained below the level of $ 85,500. BTC started another decrease and traded under the support area in $ 83,500. The bears were given strength for a movement under the $ 82,500 support zone.
The price even fell below the $ 82,000 level. A low point was formed at $ 81,320 before there was a recovery wave. There was a movement above the level of $ 82,500, but the bears were active near $ 83,850. The price is now consolidating and there was a decrease below the 50% FIB racement level of the upward movement of the $ 81,320 Swing low to $ 83,870 high.
Bitcoin price is now traded under $ 83,250 and the 100 simple advancing average per hour. There is also a connecting bullish trend line that forms with support for $ 82,550 on the hour table of the BTC/USD pair. At the top is immediate resistance near the level of $ 83,250. The first key resistance is near the level of $ 83,850.
The next key resistance can be $ 84,200. A close -up resistance of $ 84,200 can further send the price. In the declared case, the price could rise and the resistance level of $ 84,800 tests. More profits can send the price to the level of $ 85,000 or even $ 85,500.
Another decline in BTC?
If Bitcoin does not rise above the $ 83,850 resistance zone, this can start a new decline. Immediate support on the disadvantage is near the level of $ 82,550. The first major support is near the $ 82,250 level and the 61.8% FIB retracement level of the upward movement of the $ 81,320 Swing low to $ 83,870 High.
The next support is now near the $ 81,250 zone. More losses can send the price in the short term to the support of $ 80,000. The most important support is at $ 78,500.
Technical indicators:
MACD per hour – the MACD now loses pace in the Bearish zone.
Picly RSI (relative strength -index) -The RSI for BTC/USD is now below the 50 -level level.
Important support levels – $ 82,250, followed by $ 81,250.
Large resistance levels – $ 83,250 and $ 83,850.