Bitcoin price started a recovery wave above the $83,500 zone. BTC is now consolidating and might struggle to settle above the $85,500 zone.
- Bitcoin started a decent recovery wave above the $83,500 zone.
- The price is trading above $83,000 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support at $84,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it stays above the $83,500 zone.
Bitcoin Price Starts Recovery
Bitcoin price managed to stay above the $82,000 support zone. BTC formed a base and recently started a decent recovery wave above the $82,500 resistance zone.
The bulls were able to push the price above the $83,500 and $84,200 resistance levels. The price even climbed above the $85,000 resistance. A high was formed at $85,487 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $81,320 swing low to the $85,487 high.
Bitcoin price is now trading above $83,500 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $84,550 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is near the $85,200 level. The first key resistance is near the $85,500 level. The next key resistance could be $85,850. A close above the $85,850 resistance might send the price further higher. In the stated case, the price could rise and test the $86,650 resistance level. Any more gains might send the price toward the $88,000 level or even $88,500.
Another Decline In BTC?
If Bitcoin fails to rise above the $85,500 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $84,500 level and the trend line. The first major support is near the $83,500 level and the 50% Fib retracement level of the upward move from the $81,320 swing low to the $85,487 high.
The next support is now near the $82,850 zone. Any more losses might send the price toward the $82,000 support in the near term. The main support sits at $80,500.
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 – $84,500, followed by $83,500.
Major Resistance Levels – $85,200 and $85,500.
