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Bitcoin price started a new increase above $ 83,500 zone. BTC now consolidates profits and can try to erase the $ 85,500 resistance.
- Bitcoin started a new increase above $ 83,500 zone.
- The price is traded above $ 83,000 and the simple simple advancing average of 100 hours.
- There is a connecting bullish trend line that forms with support at $ 84,200 on the hour table of the BTC/USD pair (data feed from Kraken).
- The couple can start a different increase if it knew the $ 85,500 zone.
Bitcoin -Price eyes more profit
Bitcoin price started a new increase above $ 82,500 zone. BTC formed a basis and was given pace for a movement above the resistance levels of $ 83,000 and $ 83,500.
The bulls pumped the price above the resistance of $ 84,500. A high was formed at $ 85,850 and the price recently started a disadvantage correction. There was a movement under the support of $ 84,000. The price fell below the 23.6% FIB retraction level of the upward movement of the $ 78,600 Swing low to $ 85,850 high.
However, the bulls were active near the $ 83,000 zone and the price restored losses. Bitcoin price is now traded above $ 83,500 and the simple simple advancing average per hour. There is also a connecting bullish trend line that forms with support for $ 84,200 on the hour table of the BTC/USD pair.
At the top is immediate resistance near the level of $ 85,000. The first key resistance is near the level of $ 85,500. The next key resistance can be $ 86,200. A close by $ 86,200 can further send the price further. In the case mentioned, the price could rise and the resistance level of $ 87,500 tests. More profits can send the price to the $ 88,000 level.
Another rejection in BTC?
If Bitcoin does not rise above the $ 85,500 resistance zone, this can start a decrease. Immediate support on the disadvantage is near the level of $ 84,200 and the trend line. The first major support is near the level of $ 83,200.
The next support is now near the $ 82,200 zone and the 50% FIB retracement level of the upward movement of the $ 78,600 swing low to $ 85,850 high. More losses can send the price to the $ 81,500 support in the short term. The most important support is at $ 80,800.
Technical indicators:
MACD per hour – The MACD now wins pace in the bullish zone.
Picly RSI (Relative strength -Index) -The RSI for BTC/USD is now above 50 -level.
Important support levels – $ 84,200, followed by $ 83,500.
Important resistance levels – $ 85,500 and $ 85,850.
