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Bitcoin started to fall and reached the $94,000 area. BTC has started to rise again and could aim towards the $98,000 resistance.
- Bitcoin has started to rise above $95,500, the zone that is considered a resistance.
- Above the 100-hour Simple moving average, and above the price of $95,500.
- On the hourly BTC/USD chart, there was a breakout above the connecting trendline with resistance of $94,750 (data from Kraken).
- A second increase could be initiated if the pair passes $97.750.
Bitcoin price bounces back
The Bitcoin price began a downward correction beneath the $95,500 support zone. BTC dropped below support levels of $95,000 and $94500. The bulls have been active in the $94,000 region.
A recent low of $93,398 was reached and the market began a new rise. The price moved above $94,500. A break was made above a bearish line connecting the two, with a resistance level of $94,750. This is on the hourly BTC/USD charts.
The resistance level of $96,500 was breached. Bitcoin now trades above $95,500. 100 hourly Simple moving average. The price has reached a high of $97.650, and is now consolidating above the level where the Fib 23.6% retracement was applied to the move upward from the swing low at $93,398 up to the high of $97.650.
A resistance near $97.250 is the immediate upwards barrier. First key resistance near $97.750. Next, the next major resistance might be at $98,000. The price could rise if it closes above $98,000. Price could test $98,800 level in this case. Price gains could push the price to the $100,000 mark.
BTC to decline again?
Bitcoin’s price could fall if it does not rise above $97.750. The $96,650 is the immediate support for the downside. The $95,500 support level is the first significant level to look for. This level also represents the Fib 50% retracement of the move up from the $93,398 low swing level to the $97.650 high.
Nearby is the next level of support, which is $95,000. If the market continues to fall, it could soon reach the support level of $94,500. Main support is $93,200.
The following are technical indicators.
Hourly MACD – 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.
Major Support Levels – $96,650, followed by $95,500.
Major Resistance Levels – $97,750 and $98,000.
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Source: www.newsbtc.com
