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Bitcoin price has started a recovery wave of $ 82,000. BTC has returned to the top of 88,500 dollars and may review the resistance area of $ 95,000.
- Bitcoin has started a new upward step from the $ 82,000 region.
- The price is traded above 90,000 dollars and a simple moving average 100 hours.
- There was a break over the landline line connected to a resistance at $ 90,000 on the watch chart of the BTC/USD (data feeding from Kraken).
- The husband can start another decrease if it fails to scan the 95,000 dollar resistance area.
Bitcoin price starts recovery
Bitcoin price has started a new decrease less than $ 92,000. BTC was trading less than $ 90,000 and support levels of $ 88,000. Finally, the price tested the $ 82,000 support area.
A decrease was formed at $ 81,434 and the price recently started the recovery wave. There was a step higher than the resistance levels 85,000 dollars and $ 88,000. The bulls paid the price higher than the Rendraction level by 50 % of the declining move from the 95,000 dollar resistance to a decrease of $ 81,434.
There was also a break over the downtown line connected to a resistance at $ 90,000 on the watch chart for the BTC/USD pair. Bitcoin price is now trading over $ 90,000 and average simple movement 100 hours.
On the upper side, the immediate resistance is approaching the level of 91,800 dollars or the level of retreating from the FIB 76.4 % of the declining move from the 95,000 dollar resistance to a decrease of $ 81,434. The first main resistance is located near the level of 92,500 dollars. The following key resistance can be 93,500 dollars.
A higher closure may send $ 93,500 price to the price. In the mentioned case, the price and the resistance level test may rise 95,000 dollars. Any other gains may send the price to a level of $ 96200 or even 98,000 dollars.
Another decrease in BTC?
If Bitcoin fails to rise over the 92,000 resistance area, it may start a new decrease. Immediate support on the negative side is near the level of $ 88,000. The first major support is near the level of $ 8,6200.
The next support is now near the $ 85,000 area. Any other losses may send the price to $ 82,000 in the short term. The main support sits at $ 80,000.
Technical indicators:
MACD every hour – MACD is now acquired in the upscale area.
RSI clock (RSI) RSI for BTC/USD now higher than 50 level.
Main support levels – $ 88,000, followed by $ 85,000.
Main resistance levels – $ 92,000 and 93,500 dollars.
