Bitcoin Price Rises—Momentum Suggests More Growth
Bitcoin price is rising beyond $87,500. BTC is rising and may soon break $88,800.
Bitcoin began rising after finding $85,000 support.
The price is over $87,500 and the 100-hour SMA.
On the hourly BTC/USD chart, a positive trend line connects to support at $87,300.
If it breaks $88,800, the pair may rise again.
Bitcoin Expects More Gains
Bitcoin price stabilized over $84,200 and rose again. BTC broke $85,500 and $86,200 barrier.
Bulls pushed price beyond $88,000 barrier. It surged and tested $88,800 resistance. The price is consolidating gains above the 23.6% Fib retracement line of the upward run from the $86,400 swing low to the $88,800 high.
Bitcoin is over $87,500 and the 100-hour SMA. On the hourly BTC/USD chart, a positive trend line connects to support at $87,300.
Near $88,600 is immediate upward barrier. Near $88,800 is the first major resistance. The next hurdle may be $89,500. A closing above $89,500 resistance might boost prices. Should the price climb, it might challenge $90,500 barrier. More increases might push the price toward $92,000.
BTC Downside Correction?
Bitcoin may correct below $88,800 if it fails to increase. The downside has immediate support at $88,000. The first key support is at $87,600, the 50% Fib retracement level of the upward run from $86,400 swing low to $88,800 high.
Near $86,800 is the next support. More losses might push the price toward $86,400. The major support is $85,500.
The technical indications
The MACD is rising in the positive zone.
Relative Strength Index hourly BTC/USD RSI is over 50.
Major Support Levels: $88,000, $87,600.
Major resistance levels: $88,800, $89,500.
