Bitcoin price is moving higher above the $87,500 zone. BTC is gaining pace and might continue higher above the $88,800 zone in the near term.
- Bitcoin found support at $85,000 and started a decent upward move.
- The price is trading above $87,500 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support at $87,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it clears the $88,800 zone.
Bitcoin Price Eyes More Upsides
Bitcoin price remained stable above the $84,200 level and started a fresh increase. BTC was able to climb above the $85,500 and $86,200 resistance levels.
The bulls were able to pump the price above the $88,000 resistance. It even spiked and tested the $88,800 resistance zone. A high is formed near $88,800 and the price is consolidating gains above the 23.6% Fib retracement level of the upward move from the $86,400 swing low to the $88,800 high.
Bitcoin price is now trading above $87,500 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $87,300 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is near the $88,600 level. The first key resistance is near the $88,800 level. The next key resistance could be $89,500. A close above the $89,500 resistance might send the price further higher. In the stated case, the price could rise and test the $90,500 resistance level. Any more gains might send the price toward the $92,000 level.
Downside Correction In BTC?
If Bitcoin fails to rise above the $88,800 resistance zone, it could start a downside correction. Immediate support on the downside is near the $88,000 level. The first major support is near the $87,600 level and the 50% Fib retracement level of the upward move from the $86,400 swing low to the $88,800 high.
The next support is now near the $86,800 zone. Any more losses might send the price toward the $86,400 support in the near term. The main support sits at $85,500.
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 – $88,000, followed by $87,600.
Major Resistance Levels – $88,800 and $89,500.
