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Bitcoin price has started a fixed increase higher than the $ 86,500 region. BTC is now correcting gains and you may find offers near $ 87,000.
- Bitcoin has started a decent recovery wave over the $ 87,000 region.
- The price is traded above 86,800 dollars and the simple moving average is 100 hours.
- There is a continuous upscale trend that is formed with support at $ 8,7400 on the watch fee for the BTC/USD (data feeding from Kraken).
- The husband can start another increase if he wipes the level of $ 88,000 and 88,800 dollars.
The price of bitcoin monotheism begins
Bitcoin price remained stable above the level of 84200 dollars. BTC has formed a base and recently began a higher recovery wave than the resistance level of $ 86,500.
The bulls paid the price above the resistance level of $ 88,000. However, the bears were active near the resistance area of $ 88,800. The last Swing High has been formed at $ 88,500 and the price corrected some gains. There was a step less than the level of $ 88,000.
The price decreased and the level of FIB’s re -imitation fell by 50 % of the upward transition from the oscillation decrease of $ 86.306 to 88,500 dollars. Bitcoin price is now trading above $ 86,500 and a simple moving average 100 hours. There is also a continuous upscale trend line that is formed with support at $ 8,7400 on the watch chart for the BTC/USD pair.
On the upper side, the immediate resistance is approaching the level of $ 88,000. The first main resistance is located near the level of 88,500 dollars. The following key resistance can be $ 88,800.
The closure of the resistance of $ 8,800 may send the price up. In the specified case, the price and the resistance level test may rise 89,500 dollars. Any other gains may send the price about $ 90,000 or even 90,500 dollars.
More losses in BTC?
If Bitcoin fails to rise above the 88,000 dollar resistance area, it may start a new decrease. Immediate support on the negative side is near the level of $ 87400 and the direction line. The first main support is approaching the level of $ 87,150 or the level of FIB decline by 61.8 % of the upward transition from the decrease of oscillation of $ 86.306 to 88,500 dollars.
The next support is now near the $ 86,500 region. Any other losses may send the price to $ 85,000 in the short term. The main support sits at $ 84,500.
Technical indicators:
MACD every hour – MACD is now losing a pace in the upper area.
RSI clock (RSI) RSI for BTC/USD now higher than 50 level.
Main support levels – $ 87,400, followed by $ 87,150.
Main resistance levels – $ 88,000 and 88,800 dollars.
