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Bitcoin prices have begun a new increase beyond the $83,500 zone. BTC is currently consolidating its profits and could try to clear its $85,500 resistance.
- Bitcoin has begun a new increase beyond the $83,500 zone.
- The price is traded above $83,000, with 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 $84,200 in support.
- Clearing the $85,500 zone could cause the pair to start another increase.
Bitcoin prices increase
Bitcoin prices have begun a new increase beyond the $82,500 zone. The BTC formed the base and acquired the pace for movements above the $83,000 and $83,500 resistance levels.
The Bulls pumped prices above $84,500 resistance. The highs formed at $85,850, and the price recently began a downside correction. There was a move below $84,000 support. Prices fell below the 23.6% FIB retracement level from Swing Low of $78,600 to $85,850.
However, the Bulls were operating near the $83,000 zone, and prices recovered the loss. Bitcoin prices are currently trading above $83,500, with a simple moving average every 100 hours. It also forms a bullish trendline for connections with $84,200 support on the hourly chart of the BTC/USD pair.
The advantage is that immediate resistance is close to the $85,000 level. The first important resistance is close to the $85,500 level. The next important resistance is $86,200. Over $86,200 resistance could lead to even higher prices. If stated, the price could rise and test resistance levels of $87,500. Any further profit could potentially send the price towards the $88,000 level.
Another refusal in BTC?
If Bitcoin does not rise above the $85,500 resistance zone, it could begin another decline. Instant support on the downside is close to the $84,200 level and trendline. The first major support is close to the $83,200 level.
The next support is currently close to the $82,200 zone, with a 50% FIB retracement level upward movement from a low swing of $78,600 to a $85,850. Any further losses could send the price to $81,500 in the short term. The main support is $80,800.
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 – $84,200, then $83,500.
Major resistance levels – $85,500 and $85,850.
