Bitcoin price started a fresh increase and cleared the $78,000 zone. BTC is consolidating and might aim for more gains above the $78,550 level.
Bitcoin managed to stay above $77,000 and started a fresh increase.
The price is trading above $77,800 and the 100 hourly simple moving average.
There is a bullish trend line forming with support at $78,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might extend gains if it stays above the $77,200 and $77,000 levels.
Bitcoin Price Eyes Fresh Upside
Bitcoin price found support near $75,000 and started a fresh increase. BTC gained pace for a move above the $76,500 and $77,500 resistance levels.
The bulls even pushed the price above $79,000. A high was formed at $79,490, and the price started a minor downside correction. It declined below $78,000 and tested the 50% Fib retracement level of the upward move from the $74,850 swing low to the $79,490 high.
However, the bulls were active above $77,000. Bitcoin is now trading above $78,000 and the 100 hourly simple moving average. There is also a bullish trend line forming with support at $78,000 on the hourly chart of the BTC/USD pair.
If the price remains stable above $77,200, it could attempt a fresh increase. Immediate resistance is near the $78,550 level. The first key resistance is near the $79,000 level. A close above the $79,000 resistance might send the price further higher. In the stated case, the price could rise and test the $79,500 resistance. Any more gains might send the price toward the $80,000 level. The next barrier for the bulls could be $82,000.
Another Decline In BTC?
If Bitcoin fails to rise above the $78,550 resistance zone, it could start another decline. Immediate support is near the $78,000 level. The first major support is near the $77,000 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 $76,250 zone. Any more losses might send the price toward the $75,500 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 – $77,200, followed by $77,000.
Major Resistance Levels – $78,550 and $79,000.
