Bitcoin is regaining its strength above $94,000. BTC consolidates and is aiming for an increase of $97,000 or more.
- Bitcoin has started to increase again from $91,000.
- Price is above the Simple Moving Average of 100 hours and $95,000.
- The hourly BTC/USD chart shows a connective bullish line with support of $95,750. (Data feed by Kraken)
- If the pair clears $97,000, it could start to gain momentum.
Bitcoin Price Recovers Losses
Bitcoin’s price has found some support around the $91,000 area. BTC started to rise above $93,500 after forming a base. Bulls managed to drive the price higher than the $93,500 resistance zone. $95,000 resistance zone.
On the hourly chart of BTC/USD, there is also a connecting bullish trend line with support at $95,750. On the hourly BTC/USD chart, a bullish trendline is also developing with support located at $95,750.
Bitcoin has now reached a price of $95,000. 100 hourly Simple moving average. The price may face some resistance on the upside near $97,000. Near the 76.4% fib retracement levels of the down move from the high swing price of $98,880, to the low point at $90 735.
First key resistance near $98,000. The price could move higher if it clears the resistance level of $98,000. Next, the next major resistance may be at $99200. If the price closes above $99,200 then it could lead to more gains. Price could test $100,000 level in this case. If the price gains more, it could reach the $102,000 mark.
One more drop in BTC?
Bitcoin could begin a new downward correction if it fails to break through the resistance zone of $97,000. Support for the immediate downside lies near $95,750.
First major support nears $95,000. Now, the next major support zone is near the $93,000 level. If the market continues to fall, the next support is near $91,000.
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 – $95,750, followed by $95,000.
Major Resistance Levels – $97,000, and $98,000.
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Source: www.newsbtc.com
