Bitcoin prices have begun a recovery wave beyond the $82,500 zone. BTC is currently on the rise, potentially aiming to move above the $86,500 and $87,200 levels.
- Bitcoin has launched a proper recovery wave beyond the $83,000 zone.
- The price is traded above $84,500, and is a simple moving average every 100 hours.
- The hourly chart of the BTC/USD pair (data feed from Kraken) has a bullish trendline of connections formed with $85,200 in support.
- Clearing the $86,200 and $87,000 levels could result in a further increase in the pair.
Bitcoin price eyes steadily increase
Bitcoin prices remained stable above the $82,000 level. The BTC formed the base and recently began recovering waves above the $83,500 resistance level.
The Bulls pushed prices beyond the $85,000 resistance level. However, the bear was operating near the $86,500 resistance zone. The high was formed at $85,591, and the price corrected some profits. There was a move below the $85,000 level.
Prices fell below the 23.6% FIB retracement level of the upward movement from the $83,667 swing to $85,591. Bitcoin prices are currently trading above $85,200, with a simple moving average every 100 hours. It also forms a bullish trendline for connections with $85,200 support on the hourly chart of the BTC/USD pair.
The advantage is that immediate resistance is close to the $86,000 level. The first important resistance is close to the $86,500 level. The next important resistance could be $87,200. Over $87,200 resistance could lead to even higher prices. If stated, the price could rise and test resistance levels of $88,500. Any further profit could potentially send the price to the $88,800 level or $90,000.
Another drop in BTC?
If Bitcoin cannot rise above the $86,500 resistance zone, it could begin a new decline. Instant support on the downside is close to the $85,500 level. The first major support ranges from a $85,200 level or a 50% FIB retracement level upward movement level swing to a $83,667 swing to a height of $85,591.
The following support is located near the $84,500 zone: Any further losses could send the price to $83,000 in support in the short term. The main support is $81,500.
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 – $85,500, then $85,200.
Major resistance levels – $86,500 and $87,200.
