Bitcoin Price Finds Support—But Can It Power Through $90K?
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Bitcoin price remained supported above the $85,500 zone. BTC is now rising and might aim for a move above the $88,000 resistance zone.
Bitcoin started a fresh recovery wave above the $87,000 zone.
The price is trading above $87,000 and the 100 hourly Simple moving average.
There is a key bearish trend line forming with resistance at $88,200 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 $88,200 levels.
Bitcoin Price Remains Supported
Bitcoin price remained stable above the $85,500 level. BTC formed a base and recently started a recovery wave above the $86,200 resistance level.
The bulls pushed the price above the $87,000 resistance level. There was a decent upward move and the price was able to clear the 50% Fib retracement level of the recent downside correction from the $88,259 swing high to the $85,853 swing low.
Bitcoin price is now trading above $86,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $87,700 level and the 76.4% Fib retracement level of the recent downside correction from the $88,259 swing high to the $85,853 swing low.
The first key resistance is near the $88,000 level. The next key resistance could be $88,200. There is also a key bearish trend line forming with resistance at $88,200 on the hourly chart of the BTC/USD pair.
A close above the $88,200 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.
Another Drop In BTC?
If Bitcoin fails to rise above the $88,200 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $87,000 level. The first major support is near the $86,500 level.
The next support is now near the $85,500 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 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 – $87,000, followed by $86,500.
Major Resistance Levels – $88,000 and $88,200.
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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.
