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Bitcoin prices have begun a new increase beyond the $80,000 zone. BTC is currently consolidating profits and could modify some to test the $80,500 zone.
- Bitcoin has begun a new increase beyond the $80,000 zone.
- The price is traded above $80,500, and is a simple moving average every 100 hours.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), there was a break above a key bearish trend line with resistance.
- Clearing the $83,500 zone could cause the pair to start another increase.
Bitcoin prices jump over 5%
Bitcoin prices have started a new increase from the $74,500 zone. BTC formed the base and acquired the pace for movements above the $78,500 and $80,000 resistance levels.
The Bulls pumped prices above $80,500 resistance. The BTC/USD pair hourly wage chart had a break above a key bearish trendline with resistance of $78,800. The pair cleared the $82,500 resistance zone. The high was formed at $83,548, and the price currently combines profits above the 23.6% FIB retracement level of upward movement to $83,548, a swing of $74,572.
Bitcoin prices are currently trading above $80,200, with a simple moving average every 100 hours. The advantage is that immediate resistance is close to the $83,200 level. The first important resistance is close to the $83,500 level.
The next important resistance is $84,500. Over $84,500 resistance could lead to even higher prices. If stated, the price could rise and test a resistance level of $85,800. Any further profit could potentially send the price towards the $88,000 level.
Is dip supported in BTC?
If Bitcoin can’t rise beyond the $83,500 resistance zone, it could begin a negative side fix. Instant support on the downside is close to the $81,400 level. The first major support is close to the $80,500 level.
The following support is approaching an upward movement level from $74,572 Swing Low to $83,548, near the $79,500 zone or 50% FIB retracement level. Any further losses could send the price to $78,000 in the short term. The main support is $75,000.
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 – $81,400, then $80,500.
Major resistance levels – $83,500 and $84,500.
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