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Bitcoin price remained supported above the $86,000 zone. BTC is now consolidating and might aim for a move above the $88,000 resistance zone.
Bitcoin started a fresh recovery wave above the $86,800 zone.
The price is trading below $87,200 and the 100 hourly Simple moving average.
There is a key bearish trend line forming with resistance at $88,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it clears the $88,000 and $88,200 levels.
Bitcoin Price Faces Key Resistance
Bitcoin price remained stable above the $85,500 level. BTC formed a base and recently started a recovery wave above the $86,500 resistance level.
The bulls pushed the price above the $87,200 resistance level. There was even a move above the 61.8% Fib retracement level of the downward move from the $88,260 swing high to the $85,852 swing low. However, the bears seem to be active below the $88,000 level.
Bitcoin price is now trading below $87,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $87,700 level and the 76.4% Fib retracement level of the downward move from the $88,260 swing high to the $85,852 swing low.
The first key resistance is near the $88,000 level. There is also a key bearish trend line forming with resistance at $88,000 on the hourly chart of the BTC/USD pair. The next key resistance could be $88,250.
A close above the $88,250 resistance might send the price further higher. In the stated case, the price could rise and test the $88,800 resistance level. Any more gains might send the price toward the $90,000 level or even $90,500.
Another Decline In BTC?
If Bitcoin fails to rise above the $88,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $86,800 level. The first major support is near the $86,400 level.
The next support is now near the $85,850 zone. Any more losses might send the price toward the $85,000 support in the near term. The main support sits at $84,500.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $86,400, followed by $85,850.
Major Resistance Levels – $88,000 and $88,250.
