Bitcoin price started a recovery wave above the $76,800 area. BTC is consolidating and may aim for further gains if it crosses the $78,300 resistance area.
- Bitcoin managed to form a base above $76,000 and started a recovery wave.
- The price is trading above $77,200 and the 100 hourly simple moving average.
- There was a break above the downtrend line with resistance at $77,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may gain upward momentum if it stabilizes above the $79,000 area.
Bitcoin price is looking for a new bullish break
Bitcoin price It remained supported Above the $76,000 area. BTC formed a base and settled above $76,500 to start the recovery wave. There was a move above the $76,650 and $77,000 levels.
The bulls were able to push the price above the 23.6% Fibonacci retracement level of the downward move from the swing high at $82,017 to the low at $76,020. Additionally, there was a break above the downtrend line with resistance at $77,200 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading above $77,500 100 hourly simple moving average. If the price remains stable above $77,500, it may attempt a new increase. Immediate resistance is located near the $78,300 level.
The first major resistance is near the $79,000 level or the 50% Fibonacci retracement level of the downward move from the $82,017 swing high to the $76,020 low. A close above the $79,000 resistance could push the price higher. In the mentioned case, the price may rise and test the $80,500 resistance level. Any further gains could send the price towards the $81,500 level. The next barrier for the bulls could be $82,000.
Another drop in BTC?
If Bitcoin fails to rise above the $79,000 resistance area, it could start another decline. Immediate support is located near the $77,200 level.
The first major support is near the $76,500 level. The next support is now near the $76,000 area. Any further losses could send the price towards the $75,000 support level in the near term. Key support now lies at $73,500, below which BTC may struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key Support Levels – $76,500, followed by $76,000.
Key resistance levels – $78,300 and $79,000.
