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Bitcoin is rising above $92,500. BTC continues to gain momentum, and could continue above the $94,000 area in the near future.
- Bitcoin started to move up after finding support around $88,000.
- Price is above the Simple Moving Average of 100 hours and $90,500.
- On the hourly chart for the BTC/USD, there is a bullish trendline connecting with support of $90150 (data from Kraken).
- If the pair clears $94,000, they could begin another increment.
Bitcoin price gains over 10%
Price of bitcoin stayed above $85,000 mark and began to a fresh increase. BTC managed to surpass the resistance levels between $88,000 ($90,000) and $100,000.
Bulls managed to push the price over the resistance of $92,000. The price even spiked to the resistance level of $94,000. The price has reached a high near $93,888, and is consolidating above the level where the 23.6% Fib Retracement of the move upward from the swing low at $86,400 to the high at $93,888 is located.
Bitcoin has now reached a price of $91,500. 100 hourly Simple moving average. The hourly chart for the BTC/USD pairs also shows a bullish connecting trend line with a support level of $91,150.
The immediate resistance on the upside is around the level of $93,500. Near the level of $94,000, we find our first major resistance. Next, the next major resistance might be at $95,000. The price could rise if it closes above $96,500. The price may rise in the case stated and try to test the $96,500 level of resistance. The price could rise to the $98,000 mark if it gains any more.
Downside Correction In BTC?
Bitcoin could begin a correction to the downside if it fails to break through $94,000. Near the $92,000 mark, there is immediate support for the downside. Near the $91,500 support level, we find our first significant support.
Next support lies near $90,150, which is the area of trendline and 50% Fib Retracement. This level represents the upswing from $86,400 swing-low to $93,888. If the price continues to fall, it could soon reach the support of $88,800. The major support is $87,500.
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 – $92,000, followed by $90,150.
Major Resistance Levels – $94,000 and $95,000.
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Source: www.newsbtc.com
