The Bitcoin price began a steady rise above $96,000. BTC may continue to climb if the $100k resistance area is cleared.
- Bitcoin began a steady upward movement above $96,000.
- Price is above the Simple Moving Average of 100 hours and $96,500.
- The hourly BTC/USD chart shows a connective bullish line with a support level of $98,500. (Data feed by Kraken)
- It is possible that the pair will start a new increase, if they stay above the support zone of $96,000.
Bitcoin price could regain momentum
Bitcoin prices started a descent upward move Over the resistance level of $95,000. BTC has been able to rise above resistance levels of $96,500, and $97,000.
This pair has traded at or near resistance levels of $98,000 and $100,000. Price is consolidating its gains after a $99400 high. A test was conducted at the Fib 23.6% retracement of the uptrend from the $92,415 swing-low to the $99400 high.
Bitcoin is currently trading at a price above $96,500, and also the 100-hour Simple moving average. The immediate resistance on the upside is around the $92,200 level. First, the resistance near $99500 or the latest high is the key. The price could move higher if it clears the resistance of $99,500. The next major resistance might be at $100,000.
If the price closes above $100,000, it could send the market higher. The price may rise to test $102,200 as resistance in the case stated. If the price gains more, it could push the market towards the $103,500 resistance level.
BTC to decline again?
Bitcoin may continue its downward trend if it does not rise above $100,000. The trendline and $98,200 are the immediate support levels on the downside.
First major support near $96,000 or 50% Fib level of upward wave between the swing low $92,415 and the high $99,400. Now, the next major support zone is near the $95,000 area. In the short term, any further losses could send the price towards the $93,200 level.
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
