Bitcoin price started a new increase and reached the $77,500 zone. BTC is consolidating and could aim for more gains above the USD 79,500 level.
- Bitcoin managed to stay above $76,500 and started a new rise.
- The price is trading above USD 77,200 and the 100 hourly moving average.
- A short-term descending channel is forming with resistance at $78,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend gains if it remains above the USD 77,150 and USD 76,650 levels.
Bitcoin price regains traction
Bitcoin price found support near $74,850 and started a new increase. BTC gained pace for a move above the USD 75,500 and USD 77,200 resistance levels.
The bulls even pushed the price above $78,500. It reached a high at $79,490, and the price is now correcting gains. There was a move below the 23.6% Fib retracement level of the upward move from the $74,850 swing low to the $79,490 high.
Bitcoin is now trading above $77,200 and the 100 hourly moving average. If the price remains stable above $77,000, another move up can be attempted. The immediate resistance is near the $78,500 level. A short-term descending channel is also forming with resistance at $78,500 on the hourly chart of the BTC/USD pair.
The first major resistance is near the $79,200 level. A close above the USD 79,200 resistance could send the price rising further. In the mentioned case, the price could rise and test the USD 79,500 resistance. Any further gains could send the price towards the $80,000 level. The next barrier for the bulls could be $82,000.
Another drop in BTC?
If Bitcoin fails to rise above the USD 78,500 resistance zone, it could trigger another decline. Immediate support is near the $77,700 level. The first major support is near the $77,150 level or the 50% Fib retracement level of the upward move from the $74,850 swing low to the $79,490 high.
The next support is now near the $76,650 zone. Any further losses could send the price towards the USD 75,500 support in the short term. The key support is now at $75,000, below which BTC could struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – $77,700, followed by $77,150.
Major resistance levels – $78,500 and $79,500.