Bitcoin prices have started to steadily rise above the $85,500 zone. BTC is currently revising its profit from $88,750, with bids likely to be found near $86,500.
- Bitcoin has launched a proper recovery wave beyond the $85,000 zone.
- The price is traded above $86,500, and is a simple moving average every 100 hours.
- The hourly chart of the BTC/USD pair (data feed from Kraken) has a bullish trendline for connections formed with $86,800 in support.
- Clearing the $87,500 and $88,000 levels could result in a further increase in the pair.
Bitcoin Price regains traction
Bitcoin prices remained stable above the $83,200 level. The BTC formed the base and recently began recovering waves above the $85,500 resistance level.
The Bulls pushed prices above the $88,000 resistance level. However, the bear was operating near the $88,800 resistance zone. The high was formed at $88,750, and the price corrected some profits. There was a move below the $88,000 level.
The price fell below the 23.6% FIB retracement level of an upward movement from a swing of $83,665 to $88,750. Bitcoin prices are currently trading above $86,200, with a simple moving average every 100 hours. The hourly chart of the BTC/USD pair also features a bullish trendline of connections formed with a $86,800 support.
The advantage is that immediate resistance is close to the $87,200 level. The first important resistance is close to the $87,500 level. The next important resistance could be $88,000.
Over $88,000 resistance could lead to even higher prices. If stated, the price could rise and test a resistance level of $88,800. Any further profit could potentially send the price to the 89,500 level or $90,000.
More losses in BTC?
If Bitcoin cannot rise beyond the $87,500 resistance zone, it could begin a new decline. Instant support on the downside is close to the $86,800 level and trendline. The first major support is from a level of $86,200 or a 50% FIB retracement level upwards moving level from $83,665 to $88,750.
The following support is located near the $85,500 zone: Any further losses could send the price to $85,000 in support in the short term. The main support is $84,500.
Technical indicators:
HOURLY MACD – MACD is currently losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is above 50 levels.
Key support levels – $86,800, then $86,200.
Major resistance levels – $87,500 and $88,000.
