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bitcoin price started a recovery wave above the $95,000 level. btc could continue to rise if it breaks the $100.00 resistance zone.
- bitcoin started a decent upward move above the $95,000 zone.
- The price is trading above $95,000 and the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $95,000 on the hourly chart of the btc/USD pair (data feed from Kraken).
- The pair could start another rise if it holds above the $96,000 support zone.
bitcoin price begins to recover
bitcoin price remained supported near $92,500 and began a recovery wave. btc was able to break through the $94,500 and $95,000 resistance levels.
There was a break above a key bearish trend line with resistance at $95,000 on the hourly chart of the btc/USD pair. The pair broke through the $98,000 resistance level and traded near the $100,000 resistance level. A high was formed at $99,400 and the price is now consolidating gains.
It fell a few points below the 23.6% Fibonacci retracement level of the upward move from the low of $92,417 to the high of $99,400. bitcoin price is now trading above $95,000 and the simple moving average of 100 hours.
On the upside, immediate resistance is near the $99,000 level. The first key resistance is near the $99,500 level or the recent high. A clear move above the $99,500 resistance could push the price higher. The next key resistance could be $100,000.
A close above the $100,000 resistance could push the price up further. In the given case, the price could rise and test the resistance level of $102,500. Any further gains could send the price towards the $104,000 level.
Another drop in btc?
If bitcoin fails to break above the $99,000 resistance zone, it could continue to decline. Immediate support on the downside is near the $97,000 level.
The first major support is near the $96,000 level or the 50% Fibonacci retracement level of the upward move from the low of $92,417 to the high of $99,400. The next support is now near the $93,200 area. Any further losses could send the price towards the $92,500 support in the near term.
Technical indicators:
MACD Hourly: 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.
Main support levels: $97,000, followed by $96,000.
Main resistance levels: $99,000 and $100,000.
