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Bitcoin price is trying to reach a recovery wave from the $89,200 zone. BTC is rising and may encounter resistance near the $95,800 zone.
- Bitcoin started a recovery wave from the $89,200 zone.
- The price is trading above $94,000 and the 100 hourly Simple Moving Average.
- There was a break above a connecting bearish trendline with resistance at $92,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start to rise again if it remains above the $92,450 support zone.
Bitcoin price recovers above $95K
Bitcoin price started a short-term recovery wave after a sharp decline below the $90,000 zone. BTC was able to climb above the USD 91,500 and USD 93,200 levels.
The bulls were able to push the price above the 50% Fib retracement level of the downward move from the $95,808 swing high to the $89,115 low. Additionally, there was a break above a connecting bearish trendline with resistance at $92,000 on the hourly chart of the BTC/USD pair.
However, the bears are still active below the USD 95,500 level. Bitcoin price is now trading above $94,000 and the 100 hourly Simple Moving Average. On the upside, immediate resistance is around the $95,200 level.
The first major resistance is around the $95,800 level. A clear move above the USD 95,800 resistance could push the price higher. The next major resistance could be $97,400, or the 1,236 Fib extension level of the downward move from the $95,808 swing high to the $89,115 low.
A close above the resistance at $97,400 could send the price higher. In the said case, the price might rise and test the USD 98,800 resistance level. Any further gains could send the price towards the USD 99,500 level.
Another drop in BTC?
If Bitcoin fails to rise above the USD 95,800 resistance zone, it could start a new decline. The immediate downside support is near the $94,000 level.
The first major support is near the $93,200 level. The next support is now near the $92,200 zone. Any further losses could send the price towards the $90,000 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 94,000, followed by USD 93,200.
Major resistance levels – $95,200 and $95,800.
