Reason to trust
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Este artículo también está disponible en español.
Bitcoin price is slowly moving higher above the $83,500 zone. BTC must clear the $85,200 resistance zone to continue higher in the near term.
Bitcoin found support at $83,200 and started a recovery wave.
The price is trading above $84,500 and the 100 hourly Simple moving average.
There was a break above a connecting bearish trend line with resistance at $84,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it clears the $85,200 zone.
Bitcoin Price Eyes Fresh Upside
Bitcoin price started a fresh decline below the $86,200 and $85,500 levels. BTC even declined below the $84,00 level before the bulls appeared.
The price tested the $83,200 support. A low was formed at $83,171 and the price recently started a recovery wave. The price climbed above the $84,500 resistance zone. There was a break above the 50% Fib retracement level of the downward move from the $86,400 swing high to the $83,171 low.
Besides, there was a break above a connecting bearish trend line with resistance at $84,650 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $84,500 and the 100 hourly Simple moving average.
On the upside, immediate resistance is near the $85,200 level. It is near the 61.8% Fib retracement level of the downward move from the $86,400 swing high to the $83,171 low. The first key resistance is near the $85,500 level. The next key resistance could be $86,500.
A close above the $86,500 resistance might send the price further higher. In the stated case, the price could rise and test the $87,200 resistance level. Any more gains might send the price toward the $88,800 level.
Another Decline In BTC?
If Bitcoin fails to rise above the $85,200 resistance zone, it could start another decline. Immediate support on the downside is near the $84,500 level. The first major support is near the $84,000 level.
The next support is now near the $83,200 zone. Any more losses might send the price toward the $82,500 support in the near term. The main support sits at $81,800.
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 – $84,500, followed by $83,200.
Major Resistance Levels – $85,200 and $85,500.
