Bitcoin price started a recovery wave above the $95,000 level. BTC might continue to rise if it clears the $100,00 resistance zone.
- Bitcoin started a decent upward move above the $95,000 zone.
- The price is trading above $95,000 and the 100 hourly Simple moving average.
- There was a break above a key bearish trend line with resistance at $95,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it stays above the $96,000 support zone.
Bitcoin Price Starts Recovery
Bitcoin price remained supported near $92,500 and started a recovery wave. BTC was able to climb above the $94,500 and $95,000 resistance levels.
There was a break above a key bearish trend line with resistance at $95,000 on the hourly chart of the BTC/USD pair. The pair cleared the $98,000 resistance level and traded close to the $100,000 resistance level. A high was formed at $99,400 and the price is now consolidating gains.
It declined a few points below the 23.6% Fib retracement level of the upward move from the $92,417 swing low to the $99,400 high. Bitcoin price is now trading above $95,000 and the 100 hourly Simple moving average.
On the upside, immediate resistance is near the $99,000 level. The first key resistance is near the $99,500 level or the recent high. A clear move above the $99,500 resistance might send the price higher. The next key resistance could be $100,000.
A close above the $100,000 resistance might send the price further higher. In the stated case, the price could rise and test the $102,500 resistance level. Any more gains might send the price toward the $104,000 level.
Another Decline In BTC?
If Bitcoin fails to rise above the $99,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $97,000 level.
The first major support is near the $96,000 level or the 50% Fib retracement level of the upward move from the $92,417 swing low to the $99,400 high. The next support is now near the $93,200 zone. Any more losses might send the price toward the $92,500 support in the near term.
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.
