NEWSLETTER
This article is also available in Spanish.
bitcoin price started a decent rise above the $96,000 level. btc could continue to rise if it breaks the $100.00 resistance zone.
- bitcoin started a decent upward move above the $96,000 zone.
- The price is trading above $96,500 and the 100 hourly simple moving average.
- A connecting bullish trend line is forming with support at $98,500 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 could regain momentum
bitcoin price started a decent upward movement above the $95,000 resistance zone. btc was able to break through the $96,500 and $97,000 resistance levels.
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. There was a test of the 23.6% Fibonacci retracement level of the ascending wave from the low of $92,415 to the high of $99,400.
bitcoin price is now trading above $96,500 and the 100 hourly simple moving average. On the upside, immediate resistance is near the $99,200 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 $102,200. Any further gains could send the price towards the $103,500 level.
Another drop in btc?
If bitcoin fails to break above the $100,000 resistance zone, it could continue to decline. Immediate downside support is near the $98,200 level and the trend line.
The first major support is near the $96,000 level or the 50% Fibonacci retracement level of the ascending wave from the low of $92,415 to the high of $99,400. The next support is now near the $95,000 area. Any further losses could send the price towards the $93,200 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: $97,000, followed by $96,000.
Main resistance levels: $99,000 and $100,000.
