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Bitcoin’s price has been consolidating above $94,000. BTC continues to rise and may aim at a break above $95,500.
- Bitcoin continued to be supported at levels above $93,850.
- Above the 100-hour Simple Moving Average, and above $94,100.
- On the hourly chart for the BTC/USD, there was a breakdown below the connecting bullish line that had support at $94,850 (data from Kraken).
- A second increase could be initiated if the pair passes $95,500.
Bitcoin Price Expects New Surge
Price of Bitcoin started on a temporary basis downside correction BTC fell below the $95,000 and $94,500 support levels. BTC dropped below the $95,000 & $94,500 Support Levels.
The upward movement from the $92,900 swing-low to the $95,488 peak was below the 50% level. On the hourly BTC/USD chart, the pair broke below the connecting bullish line that had support at $94,850.
Bulls were also active at the level of $93,850, which is the level where the market retraced 61.8% the rise from the lower swing low (92,900) to the higher high ($95,488).
Bitcoin is currently trading at $94,500. 100 hourly Simple moving average. To the upside, the immediate resistance level is around $95,000. Near the $95,250 mark, we find our first major resistance. Next, the next major resistance level could be $95,500.
If the price closes above $95,500, it could send it higher. Price could test and rise to $96,500 level in this case. If the price continues to rise, it could reach the $98,000 resistance level.
BTC to decline again?
Bitcoin’s price could fall if it does not rise above $95,500. Near the $94,500-level, there is immediate support for the downside. First major support near $93,850.
Next support zone is near $93,500. In the short term, any further losses could send the price towards the support of $92,500. Main support is at $91,200.
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 – $94,500, followed by $93,850.
Major Resistance Levels – $95,250 and $95,500.
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Source: www.newsbtc.com
