Bitcoin Price Next Move Hinges on Support—Break or Bounce?
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Bitcoin price started a steady increase above the $86,500 zone. BTC is now correcting gains and might find bids near the $87,000.
Bitcoin started a decent recovery wave above the $87,000 zone.
The price is trading above $86,800 and the 100 hourly Simple moving average.
There is a connecting bullish trend line forming with support at $87,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it clears the $88,000 and $88,800 levels.
Bitcoin Price Starts Consolidation
Bitcoin price remained stable above the $84,200 level. BTC formed a base and recently started a recovery wave above the $86,500 resistance level.
The bulls pushed the price above the $88,000 resistance level. However, the bears were active near the $88,800 resistance zone. The recent swing high was formed at $88,500 and the price corrected some gains. There was a move below the $88,000 level.
The price dipped and tested the 50% Fib retracement level of the upward move from the $86,306 swing low to the $88,500 high. Bitcoin price is now trading above $86,500 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $87,400 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is near the $88,000 level. The first key resistance is near the $88,500 level. The next key resistance could be $88,800.
A close above the $88,800 resistance might send the price further higher. In the stated case, the price could rise and test the $89,500 resistance level. Any more gains might send the price toward the $90,000 level or even $90,500.
More Losses In BTC?
If Bitcoin fails to rise above the $88,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $87,400 level and the trend line. The first major support is near the $87,150 level or the 61.8% Fib retracement level of the upward move from the $86,306 swing low to the $88,500 high.
The next support is now near the $86,500 zone. Any more losses might send the price toward the $85,000 support in the near term. The main support sits at $84,500.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $87,400, followed by $87,150.
Major Resistance Levels – $88,000 and $88,800.
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* 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.
