Bitcoin prices are gradually surpassing the $83,500 zone. BTC must clear the $85,200 resistance zone to continue high in the short term.
- Bitcoin found support for $83,200 and launched a recovery wave.
- The price is traded above $84,500, and is a simple moving average every 100 hours.
- In the BTC/USD pair (data feed from Kraken), there was a break above the bearish trendline connecting with $84,650.
- Clearing the $85,200 zone could cause the pair to start another increase.
Bitcoin prices are fresh upside down
Bitcoin prices have begun a new decline below the $86,200 and $85,500 levels. The BTC was below the $84,000 level before the Bulls appeared.
Prices were tested for support of $83,200. The lows formed at $83,171, and prices have recently begun a recovery wave. Prices rose above the $84,500 resistance zone. There was a break above the 50% FIB retracement level of the downward move from the $86,400 Swing High to the $83,171 low.
On top of that, there was a break on the hourly chart of BTC/USD pairs on the bearish trendline connecting with resistance. Bitcoin prices are currently trading above $84,500, with a simple moving average every 100 hours.
The advantage is that immediate resistance is close to the $85,200 level. This is close to the 61.8% FIB retracement level of downward movement, from a swing high of $86,400 to a low of $83,171. The first important resistance is close to the $85,500 level. The next important resistance is $86,500.
Over $86,500 resistance could lead to even higher prices. If stated, the price could rise and test a resistance level of $87,200. Any further profit could potentially send the price towards the $88,800 level.
Another reduction in BTC?
If Bitcoin cannot rise beyond the $85,200 resistance zone, it could begin another decline. Instant support on the downside is close to the $84,500 level. The first major support is close to the $84,000 level.
The following support is located near the $83,200 zone: Any further losses could send the price to $82,500 in the short term. The main support is $81,800.
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 – $84,500, then $83,200.
Major resistance levels – $85,200 and $85,500.
