Bitcoin Price Dips After Rally—Is This the Perfect Entry Point?

NewsBTC
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Bitcoin price started a steady increase above the $85,500 zone. BTC is now correcting gains from $88,750 and might find bids near $86,500.


  • Bitcoin started a decent recovery wave above the $85,000 zone.

  • The price is trading above $86,500 and the 100 hourly Simple moving average.

  • There is a connecting bullish trend line forming with support at $86,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).

  • The pair could start another increase if it clears the $87,500 and $88,000 levels.


Bitcoin Price Regains Traction


Bitcoin price remained stable above the $83,200 level. BTC formed a base and recently started a recovery wave above the $85,500 resistance level.


The bulls pushed the price above the $88,000 resistance level. However, the bears were active near the $88,800 resistance zone. A high was formed at $88,750 and the price corrected some gains. There was a move below the $88,000 level.


The price dipped below the 23.6% Fib retracement level of the upward move from the $83,665 swing low to the $88,750 high. Bitcoin price is now trading above $86,200 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $86,800 on the hourly chart of the BTC/USD pair.


On the upside, immediate resistance is near the $87,200 level. The first key resistance is near the $87,500 level. The next key resistance could be $88,000.


Bitcoin Price


A close above the $88,000 resistance might send the price further higher. In the stated case, the price could rise and test the $88,800 resistance level. Any more gains might send the price toward the $89,500 level or even $90,000.

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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