Bitcoin price started a recovery wave above the $76,500 zone. BTC is consolidating and might aim for more gains if it clears the $76,750 resistance zone.
- Bitcoin managed to form a base above $75,000 and started a recovery wave.
- The price is trading below $77,000 and the 100 hourly simple moving average.
- There is a bearish trend line forming with resistance at $76,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might gain bullish momentum if it settles above the $77,000 zone.
Bitcoin Price Eyes Upside Break
Bitcoin price remained supported above the $75,000 zone. BTC formed a base and settled above $75,500 to start a recovery wave. There was a move above the $76,000 and $76,200 levels.
The bulls were able to push the price above the 50% Fib retracement level of the downward move from the $77,888 swing high to the $74,940 low. However, the bears are active near $76,750. There is also a bearish trend line forming with resistance at $76,750 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading below $77,000 and the 100 hourly simple moving average. If the price remains stable above $75,500, it could attempt a fresh increase. Immediate resistance is near the $76,750 level, the trend line, and the 61.8% Fib retracement level of the downward move from the $77,888 swing high to the $74,940 low.
The first key resistance is near the $77,000 level. A close above the $77,000 resistance might send the price further higher. In the stated case, the price could rise and test the $78,000 resistance. Any more gains might send the price toward the $78,500 level. The next barrier for the bulls could be $80,000.
Another Decline In BTC?
If Bitcoin fails to rise above the $76,750 resistance zone, it could start another decline. Immediate support is near the $76,000 level.
The first major support is near the $75,650 level. The next support is now near the $75,000 zone. Any more losses might send the price toward the $74,250 support in the near term. The main support now sits at $73,200, below which BTC might struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $76,000, followed by $75,650.
Major Resistance Levels – $76,750 and $77,000.
