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bitcoin price is recovering from losses from the $91,400 area. btc is showing some positive signs and could gain pace if it breaks the $96,000 resistance zone.
- bitcoin started a new recovery from the $91,400 area.
- The price is trading above $92,500 and the 100 hourly simple moving average.
- A connecting bullish trend line is forming with support at $94,000 on the hourly chart of the btc/USD pair (data feed from Kraken).
- The pair could start another rise if it holds above the $93,500 support zone.
bitcoin price begins to recover
bitcoin price started a decent upward movement above the $92,000 resistance zone. btc was able to break through the $93,200 and $93,500 resistance levels.
The price was able to overcome the 50% Fibonacci retracement level of the recent decline from the high of $96,040 to the low of $92,588. There is also a connecting bullish trend line forming with support at $94,000 on the hourly chart of the btc/USD pair.
bitcoin price is now trading above $94,000 and the 100 hourly simple moving average. On the upside, immediate resistance is near the $95,250 level. It is close to the 76.4% Fib retracement level of the recent decline from the high of $96,040 to the low of $92,588.
The first key resistance is near the $96,000 level. A clear move above the $96,000 resistance could push the price higher. The next key resistance could be $97,500. A close above the $97,500 resistance could push the price up further. In the given case, the price could rise and test the resistance level of $98,800. Any further gains could send the price towards the $99,500 level.
Another drop in btc?
If bitcoin fails to overcome the $96,000 resistance zone, it could start a new decline. Immediate support on the downside is near the $94,000 level and the trend line.
The first major support is near the $93,500 level. The next support is now near the $92,550 area. Any further losses could send the price towards the $91,200 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: $94,000, followed by $93,500.
Main resistance levels: $95,250 and $96,000.
