Bitcoin prices remained supported beyond the $85,500 zone. BTC is currently on the rise and could be aiming to move beyond the $88,000 resistance zone.
- Bitcoin has launched a new wave of recovery beyond the $87,000 zone.
- The price is traded above $87,000, with a simple moving average every 100 hours.
- On the hourly chart of the BTC/USD pair (data feed from Kraken) there is a key bearish trend line where resistance forms at $88,200.
- Clearing the $88,000 and $88,200 levels could result in a further increase in the pair.
Bitcoin pricing continues to be supported
Bitcoin prices remained stable above the $85,500 level. The BTC formed the base and recently began recovering waves above the $86,200 resistance level.
The Bulls pushed prices above the $87,000 resistance level. There was a decent upward movement, and the price was able to clear the 50% FIB retracement level of the recent underside correction, from a swing high of $88,259 to a swing low of $85,853.
Bitcoin prices are currently trading above $86,500, a simple moving average every 100 hours. Conversely, immediate resistance is close to the $87,700 level, with the recent correction of 76.4% FIB retracement levels ranging from a swing height of $88,259 to a low swing of $85,853.
The first important resistance is close to the $88,000 level. The next important resistance could be $88,200. There is also a key bearish trend line where resistance forms at $88,200 on the hourly chart of the BTC/USD pair.
Over $88,200 resistance could lead to even higher prices. If stated, the price could rise and test a resistance level of $89,500. Any further profit could potentially send the price to a level of $90,000 or $90,500.
Another drop in BTC?
If Bitcoin cannot rise beyond the $88,200 resistance zone, it could begin a new decline. Instant support on the downside is close to the $87,000 level. The first major support is close to the $86,500 level.
The following support is located near the $85,500 zone: Any further losses could send the price to $85,000 in the short term. The main support is $84,500.
Technical indicators:
HOURLY MACD – MACD is currently increasing its pace in the bullish zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is above 50 levels.
Key support levels – $87,000, then $86,500.
Major resistance levels – $88,000 and $88,200.
