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Bitcoin price remained supported above the $85,500 zone. BTC is now rising and might aim for a move above the $88,000 resistance zone.
Bitcoin started a fresh recovery wave above the $87,000 zone.
The price is trading above $87,000 and the 100 hourly Simple moving average.
There is a key bearish trend line forming with resistance at $88,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it clears the $88,000 and $88,200 levels.
Bitcoin Price Remains Supported
Bitcoin price remained stable above the $85,500 level. BTC formed a base and recently started a recovery wave above the $86,200 resistance level.
The bulls pushed the price above the $87,000 resistance level. There was a decent upward move and the price was able to clear the 50% Fib retracement level of the recent downside correction from the $88,259 swing high to the $85,853 swing low.
Bitcoin price is now trading above $86,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $87,700 level and the 76.4% Fib retracement level of the recent downside correction from the $88,259 swing high to the $85,853 swing low.
The first key resistance is near the $88,000 level. The next key resistance could be $88,200. There is also a key bearish trend line forming with resistance at $88,200 on the hourly chart of the BTC/USD pair.
A close above the $88,200 resistance might send the price further higher. In the stated case, the price could rise and test the $89,500 resistance level. Any more gains might send the price toward the $90,000 level or even $90,500.
Another Drop In BTC?
If Bitcoin fails to rise above the $88,200 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $87,000 level. The first major support is near the $86,500 level.
The next support is now near the $85,500 zone. Any more losses might send the price toward the $85,000 support in the near term. The main support sits at $84,500.
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 – $87,000, followed by $86,500.
Major Resistance Levels – $88,000 and $88,200.
