Bitcoin Price Steadies—Is a Meaningful Bounce on the Horizon?
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Bitcoin prices have begun a wave of recovery above the $80,500 area. BTC is now rising, with a possible target of over $84,000 and $85,000 levels.
- Bitcoin started a nice wave of recovery above the $81,000 area.
- Prices trade above $81,500, a simple moving average for the hour.
- The break below the short-term bullish trend line is supported by the hourly chart of the BTC/USD pair (data feed from Kraken) for $83,000.
- If the $82,500 and $84,000 levels are cleared, the couple may increase again.
Bitcoin price increases steadily
Bitcoin Price Stay stable Above the $78,000 level. BTC has formed a foundation, and recently began a recovery wave of resistance levels above $80,500.
The Bull pushed the price higher by $82,000 resistance level. However, the Bears are active near the $84,000 resistance zone. The high price was established at $84,200, and the price corrected some gains. Below the $83,000 level.
From the $76,818 swing to the height of $84,200, the price is below the 50% FIB retracement level. Additionally, in the hourly table of the BTC/USD pair, below the short-term bullish trend line is $83,000 for the short-term bullish trend line.
Bitcoin price is now trading above $81,200, 100-hour simple moving average. On the plus side, immediate resistance is close to the $82,450 level. The first key resistance is close to the $84,000 level. The next key resistance could be $85,000.
Turning off resistors above $85,000 may make the price even higher. In the case of statements, the price may rise and test the resistance level of $86,500. More gains could shift the price to the $88,000 level, or even $96,200.
Another decline in BTC?
If Bitcoin fails to exceed the $82,450 resistance zone, a new decline may begin. Support immediately at the $80,500 level. The first major support is the close to the $79,600 level, which is the 61.8% FIB retracement level shifted from the $76,818 swingman to $84,200 high.
Now, the next support is near the $78,500 area. In the short term, more losses could send the price to $77,000 in support. The main support is $76,500.
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 – $80,500, followed by $79,600.
Major resistance levels – $82,450 and $84,000.
