Bitcoin price started a recovery wave above the $76,800 zone. BTC is consolidating and could target more gains if it breaks the USD 78,300 resistance zone.
- Bitcoin managed to form a base above $76,000 and started a recovery wave.
- The price is trading above USD 77,200 and the 100 hourly moving average.
- There was a break above a bearish trendline with resistance at $77,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it settles above the $79,000 zone.
Bitcoin price looks for a fresh upward breakout
Bitcoin price remained supported above the $76,000 zone. BTC formed a base and settled above $76,500 to start a recovery wave. There was a move above the USD 76,650 and USD 77,000 levels.
The bulls were able to push the price above the 23.6% Fib retracement level of the downward move from the $82,017 swing high to the $76,020 low. Moreover, there was a break above a bearish trendline with resistance at $77,200 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading above $77,500 and the 100 hourly moving average. If the price remains stable above $77,500, another move up could be attempted. The immediate resistance is near the $78,300 level.
The first major resistance is near the $79,000 level or the 50% Fib retracement level of the downward move from the $82,017 swing high to the $76,020 low. A close above the USD 79,000 resistance could send the price rising further. In the mentioned case, the price could rise and test the USD 80,500 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 $79,000 resistance zone, it could trigger another decline. Immediate support is near the $77,200 level.
The first major support is near the $76,500 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 $73,500, 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 – USD 76,500, followed by USD 76,000.
Major resistance levels – $78,300 and $79,000.