Bitcoin price started a new increase and crossed the $81,500 area. BTC is consolidating and may aim for further gains above the $82,450 level.
- Bitcoin managed to stay above $79,200 and started a new surge.
- The price is trading above $80,750 and the 100 hourly simple moving average.
- There is an uptrend line forming with support at $80,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may continue its gains if it remains above the $80,800 and $80,000 levels.
Bitcoin price turns positive
Bitcoin price found support near $79,200 and started again He increases. BTC gained pace moving above the $79,750 and $80,200 resistance levels.
The bulls even pushed the price above $82,000. The high was formed at $82,436, and the price started the consolidation phase. There was a slight decline towards the 23.6% Fib retracement level of the upward move from the swing low of $79,168 to the swing high of $82,436.
Bitcoin is now trading above $80,750 and 100 hourly simple moving average. There is also an uptrend line forming with support at $80,800 on the hourly chart of the BTC/USD pair.
If the price remains stable above $80,500, it may attempt a new increase. Immediate resistance is located near the $82,000 level. The first major resistance is near the $82,450 level. A close above the $82,450 resistance level could send the price higher. In the mentioned case, the price may rise and test the $83,200 resistance level. Any further gains could send the price towards the $84,000 level. The next barrier for the bulls could be $85,000.
Downside correction in BTC?
If Bitcoin fails to rise above the $82,000 resistance area, it could start another decline. Immediate support is located near the $80,800 level and the trend line. The first major support is near the $80,400 level or the 61.8% Fibonacci retracement level of the upward move from the $79,168 swing low to the $82,436 swing high.
The next support is now near the $79,950 area. Any further losses could send the price towards the $79,250 support level in the near term. Key support now lies at $78,500, below which BTC may have difficulty recovering in the near term.
Technical indicators:
Hourly MACD – The MACD indicator is now losing speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key Support Levels – $80,800, followed by $80,000.
Key resistance levels – $82,000 and $82,450.
