Bitcoin price started a fresh increase and cleared the $78,500 zone. BTC is consolidating and might aim for more gains above the $79,200 level.
Bitcoin managed to stay above $76,000 and started a fresh increase.
The price is trading above $78,000 and the 100 hourly simple moving average.
There is a bullish trend line forming with support at $78,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might extend gains if it stays above the $78,250 and $77,500 levels.
Bitcoin Price Eyes More Gains
Bitcoin price found support near $77,000 and started a fresh increase. BTC gained pace for a move above the $77,500 and $78,000 resistance levels.
The bulls even pushed the price above $78,500. A high was formed at $79,480, and the price started a consolidation phase above the 23.6% Fib retracement level of the upward move from the $77,145 swing low to the $79,480 high.
The bulls are now active above $78,000. Bitcoin is now trading above $78,200 and the 100 hourly simple moving average. There is also a bullish trend line forming with support at $78,250 on the hourly chart of the BTC/USD pair.
If the price remains stable above $78,200, it could attempt a fresh increase. Immediate resistance is near the $79,200 level. The first key resistance is near the $79,500 level. A close above the $79,500 resistance might send the price further higher. In the stated case, the price could rise and test the $80,000 resistance. Any more gains might send the price toward the $81,200 level. The next barrier for the bulls could be $82,000.
Another Decline In BTC?
If Bitcoin fails to rise above the $79,500 resistance zone, it could start another decline. Immediate support is near the $78,600 level. The first major support is near the $78,300 level or the 50% Fib retracement level of the upward move from the $77,145 swing low to the $79,480 high and the trend line at $78,250.
The next support is now near the $77,250 zone. Any more losses might send the price toward the $76,500 support in the near term. The main support now sits at $75,000, below which BTC might struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $78,250, followed by $77,250.
Major Resistance Levels – $79,500 and $80,000.
