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The price of Bitcoin increases slowly above the $ 86,500 area. BTC takes a rhythm and could continue more short term.
- Bitcoin found the support at $ 84,200 and started a recovery wave.
- The price is negotiated over $ 85,500 and the single 100-hour mobile average.
- There was a break over a lower connection line of connection with resistance at $ 85,000 on the time graph of the BTC / USD pair (Kraken data flow).
- The pair could start another increase if it erases the $ 88,000 area.
Bitcoin Price Eyes regular increase
The price of Bitcoin remained stable above the level of $ 83,200 and started a new increase. BTC was able to climb over the resistance levels of $ 84,200 and $ 85,000.
There was a break above a lower connection line of connection with resistance at $ 85,000 on the time table of the BTC / USD pair. The Bulls were able to pump the price above the resistance of $ 86,500. He even increased above $ 87,000. A summit is formed nearly $ 87,562 and the price could continue to increase, unless there is a movement below the FIB trace level of 23.6% of the swing movement of $ 84,007 at a higher level of $ 87,562.
Bitcoin Price is now negotiated over $ 86,500 and the mobile average at 100 hours. Uplining, immediate resistance is close to the level of $ 87,500. The first resistance of the keys is close to the level of $ 88,000.
The next key resistance could be $ 88,800. A fence greater than the resistance of $ 88,800 could send the higher price. In the indicated case, the price could increase and test the resistance level by $ 89,500. Other gains could send the price at $ 90,000.
Downward correction in BTC?
If Bitcoin does not exceed the resistance area of $ 88,000, it could start a downward correction. Immediate downward support is close to the level of $ 87,000. The first major support is close to the level of $ 86,750.
The next support is now close to the $ 86,000 area. Other losses could send the price to the support of $ 85,750 or the FIB trace level of 50% of the swing movement of $ 84,007 up to $ 87,562 in the short term. The main support is at $ 84,850.
Technical indicators:
MacD Schedule – The MacD now wins the pace in the bullish area.
Schedule RSI (Relative resistance index) – The RSI for BTC / USD is now higher than level 50.
Major support levels – $ 86,750, followed by $ 86,000.
Major resistance levels – $ 87,500 and $ 88,000.
