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The price of Bitcoin increases above the $ 87,500 area. BTC takes a rhythm and could continue higher above the $ 88,800 area in the short term.
- Bitcoin found support at $ 85,000 and started off on the rise.
- The price is traded over $ 87,500 and the single 100-hour mobile average.
- There is an upward connection trend line that forms with support at $ 87,300 on the time table of the BTC / USD pair (Kraken data flow).
- The pair could start another increase if it erases the $ 88,800 area.
Bitcoin Price Eyes more scope
The price of Bitcoin remained stable above the level of $ 84,200 and started a new increase. BTC was able to climb over the resistance levels of $ 85,500 and $ 86,200.
The Bulls were able to pump the price above the resistance of $ 88,000. It even increased and tested the resistance area by $ 88,800. A summit is formed nearly $ 88,800 and the price is to consolidate the higher gains in the FIB trace level of 23.6% of the upward movement of $ 86,400 at a summit of $ 88,800.
Bitcoin price is now negotiated over $ 87,500 and the 100 hours on the simple mobile average. There is also a connected upward trend line which is formed with support at $ 87,300 on the time table of the BTC / USD pair.
Uplining, immediate resistance is close to the level of $ 88,600. The first resistance of the keys is close to the level of $ 88,800. The next keys could be $ 89,500. A closing greater than the resistance of $ 89,500 could send the higher price. In the indicated case, the price could increase and test the resistance level by $ 90,500. Other gains could send the price at $ 92,000.
Downward correction in BTC?
If Bitcoin does not exceed the resistance zone of $ 88,800, it could start a downward correction. Immediate downward support is close to the level of $ 88,000. The first major medium is close to the level of $ 87,600 and the FIB trace level of 50% of the switching of the swing of $ 86,400 at the level of $ 88,800.
The next support is now close to the $ 86,800 area. Other losses could send the price to the support of $ 86,400 in the short term. The main support is $ 85,500.
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 – $ 88,000, followed by $ 87,600.
Major resistance levels – $ 88,800 and $ 89,500.
