Bitcoin’s price has begun a new increase over $96,000. BTC has corrected some gains. It could fall to $94,000, before it starts anew.
- Bitcoin began a steady increase over $95,000 to $96,000.
- Price is above the Simple Moving Average of 100 hours and $95,000.
- On the hourly chart for the BTC/USD, there is an apparent bullish flag or channel forming at resistance of $96,200 (data from Kraken).
- It is possible that the pair will continue to climb if they stay above the $95,000 area.
Bitcoin price dips and corrects some gains
The Bitcoin price was able to hold above $93,500 and began a new trend. fresh increase. BTC has been able to settle over $95,000, and $95,500.
Bulls were successful in pushing the price to above $96,000. Eventually, the price spiked over $97,500. The price has corrected some of its gains after a high at $97.898. The recent wave between the $89.995 swing low and the $97.898 high was moved below the 23,6% Fib.
Bitcoin now trades above $95,000 100 hourly Simple moving average. It could try to increase again if the price stays above $95,000. The immediate resistance level is around $96,000. Near the $96,200 mark, we find our first major resistance. The hourly chart for the BTC/USD pairs shows a possible rising channel, or bullish flag. Resistance is at $96,200.
Next resistance might be $97,000. If the price closes over the resistance of $97,000, it could send the market higher. Price could test $97.800 and rise above it in this case. Continuing gains could push the price towards the $98,800 mark. Next hurdles for bulls might be $92,200 or $100,000.
Downside Continuation In BTC?
Bitcoin could begin a new decline if it fails to break through the resistance zone of $96,200. The immediate support level is around $95,000. First major support near $94,000 and 50% Fib level of recent wave between $89,995 low swing to $97,898.
Near the 93,000-dollar zone, we are now approaching our next support. In the short term, any further losses could send the price towards the support of $91,850. BTC’s main support is $91,500. Below this level, BTC may accelerate downward in the short term.
Indicators of technical indicators
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $95,000, followed by $94,000.
Major Resistance Levels – $96,200 and $97,000.
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Source: www.newsbtc.com
