Bitcoin’s price has been trying to make a comeback above the $93,200 area. BTC has been rising, but could face some resistance around the $96,500 area.
- Bitcoin began a wave of recovery above the $95,000 area.
- Above the 100-hour Simple moving average, and above $95,500.
- The hourly BTC/USD chart shows a connective bullish line with support of $96,000. (Data feed by Kraken)
- If the pair stays above $95,450, it could begin another rise.
Bitcoin price regaining momentum above $95K
The Bitcoin price has started to rise on a short term basis recovery wave Above the $92,000 area. BTC managed to move above levels of $93,500 and $94200.
The bulls managed to move the price past the important barrier of $95,800. Price even broke $97,000. Price is currently consolidating gains above $97.431 which is the highest point of the uptrend from $89115 low swing to $97.431 high.
On the hourly BTC/USD chart, there is a bullish line connecting the two. Support for this trendline lies at $96,000. Bitcoin’s price has now risen above $95,000. 100 hourly Simple moving average.
The immediate resistance on the upside is around the $98,450 level. First, the price will face resistance near $98,000. Price could rise if the price moves above $98,000. The $98,800 resistance level could be the next major barrier.
If the price closes above $98,800, it could send it higher. Price could test $100,000 level in this case. If the price gains more, it could reach the $102,500 mark.
A Drop in BTC Prices?
Bitcoin may start another decline if the resistance zone of $98,800 is not overcome. The trendline and $96,000 are the immediate support levels on the downside. First major support near $94,500.
Near the Fib 50% retracement of the move upward from the 89,115 swing-low to the 97,431 peak, the next support zone is near $93,200. In the short term, any further losses could send the price towards the $92,000 level.
Indicators of 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 – $96,000, followed by $94,500.
Major Resistance Levels – $97,450 and $98,800.
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Source: www.newsbtc.com
