Bitcoin experienced a temporary correction that pushed it below $90,000. BTC price is rising again, and bulls are aiming to move the market above $94,000.
- Bitcoin has started to increase again from $86,600.
- Above the 100-hour Simple Moving Average, and above $88,000 is the price.
- On the hourly BTC/USD chart, there is a bearish line connecting with resistance of $91,000 (data from Kraken).
- If the pair clears $91,000, it could start to gain momentum.
Bitcoin Price Aims Higher
The Bitcoin price has started to rise on a short term basis downside correction Below the $90,000 level. BTC traded under the $88,000 before bulls appeared.
The price has recovered from the low of $86,622 to a higher level. A move was made above the level of $90,000. The price has now been consolidating after a high of $91,839 was reached. It reached the Fib level 50% of the upmove from the $86,621 low swing to the $91,839 peak.
Bitcoin is currently trading at more than $88,000. 100 hourly Simple moving average. Price could be facing resistance at $91,000 on the upside. On the hourly BTC/USD chart, there is a bearish trendline that connects to resistance of $91,000.
First key resistance near $91,850. The price could move higher if it clears the resistance level of $91,850. The price may rise if it clears the $91,850 resistance.
If the price closes above $92,500, it could lead to more gains. Price could test and rise above the $93,450 level in this case. Continuing gains could send the price to the $95,000 level.
BTC: Another drop in the BTC price?
Bitcoin may start to correct downwards if the resistance level of $91,000 is not overcome. The $89,250 support level is the immediate downside support.
First major support near $87,850 or the Fib level of 76.4% retracement from the swing low $86,621 to the high $91,839. Next support now lies near $86,620. In the short term, any further losses could send the price towards the support of $83,500.
Indicators of technical indicators
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $89,250, followed by $87,850.
Major Resistance Levels – $91,000, and $92,500.
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Source: www.newsbtc.com
