The Bitcoin price began a wave of recovery above $95,000. BTC may continue to increase if the $100k resistance zone is cleared.
- Bitcoin has started to move up above $95,000.
- Above the 100-hour Simple Moving Average, and above the price of $95,000.
- On the hourly chart for the BTC/USD, there was a breakout above the key trendline with resistance of $95,000 (data from Kraken).
- If the pair stays above $96,000, they could begin another rise.
Bitcoin price starts to recover
The Bitcoin price is still supported at around $92,500 The recovery began. BTC has been able to move above $94,500 resistance and $95,000.
On the hourly BTC/USD chart, there was a breakout above the key trendline with resistance of $95,000. The pair broke through the $98,000 barrier and was trading close to the $100k resistance. Price is consolidating its gains after a high at $94,400.
The price fell a few percentage points below the Fib level for the upward movement from the swing low of $92,417 to the high of $99,400. Bitcoin is currently trading at $95,000, and it’s expected to rise further. 100 hourly Simple moving average.
Near the level of $99,000, there is immediate resistance to the upside. Near the $99,000 level, or near the high of the last few days, is the first major resistance. Price could rise if the price moves above $99500. The next major resistance might be at $100,000.
If the price closes above $100,000, it could send the market even higher. The price may rise to test $102,500 as resistance in the case stated. Continued gains could push the price towards the $104,000 mark.
BTC: Another drop in the BTC price?
Bitcoin may continue its downward trend if it does not rise above $99,000. Support on the downside near $97,000 is the immediate level of support.
The $96,000 support level is the first significant level. This level represents the Fib 50% retracement of the move upwards from the swing low at $92,417 to the high of $99400. Next support lies near $93,200. If the market continues to fall, the next support is near $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 – $97,000, followed by $96,000.
Major Resistance Levels – $99,000 and $100,000.
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Source: www.newsbtc.com
