Bitcoin Price Attempts a Comeback—Is a Recovery Rally on the Horizon?
Bitcoin price started a wave of recovery from the $82,000 area. BTC returns $88,500 and may revisit the $95,000 resistance zone.
- Bitcoin starts a new upward movement from the $82,000 area.
- Prices traded above $90,000, a simple moving average for the hour.
- On the hourly chart of the BTC/USD pair, the trend line connecting to resistance is at $90,000 (Kraken’s feed).
- If the $95,000 resistance zone is not cleared, the couple may drop again.
Bitcoin price begins to recover
Bitcoin price begins to fall below $92,000. BTC trades below the $90,000 and $88,000 support levels. Finally, the price tested the $82,000 support zone.
The low price is $81,434, and the price has recently begun a wave of recovery. Over $85,000 and $88,000 resistance levels. The Bulls pushed the price higher above, moving downwards by a 50% FIB retracement level from the $95,000 resistance to the $81,434 low.
On the hourly chart of the BTC/USD pair, there is also a stumbling trend line on the connected bearish trend line with a resistance of $90,000. Bitcoin Price is now trading at over $90,000, 100-hour simple moving average.
On the plus side, immediate resistance is close to the $91,800 level, i.e. a 76.4% FIB retracement level from the $95,000 resistance to the $81,434 low. The first key resistance is close to the $92,500 level. The next key resistance could be $93,500.
Turning off resistors above $93,500 may make the price even higher. In the case of statements, the price may rise and test the resistance level of $95,000. More gains could shift the price to the $96,200 level, or even $98,000.
Another decline in BTC?
If Bitcoin fails to exceed the $92,000 resistance zone, a new decline may begin. Immediate support on the downside is the $88,000 level. The first major supports near $86,200 levels.
The next support is now near the $85,000 area. In the short term, more losses could send the price to $82,000 in support. The main support is $80,000.
Technical indicators:
Hourly MACD – MACD is now accelerating its pace in the bullish area.
Hour RSI (Relative Strength Index) – The RSI of BTC/USD is now above level 50.
Main support level – $88,000, followed by $85,000.
Major resistance levels – $92,000 and $93,500.
