Bitcoin price is trying to reach a recovery wave above the $93,200 zone. BTC is rising and may encounter resistance near the $97,500 zone.
- Bitcoin started a recovery wave above the $95,000 zone.
- The price is trading above USD 95,500 and the 100 hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $96,000 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 $95,450 support zone.
Bitcoin price regains traction above $95K
Bitcoin price started a short-term recovery wave above the $92,000 zone. BTC was able to climb above the USD 93,500 and USD 94,200 levels.
The bulls managed to push the price above the key USD 95,800 mark. The price was even $97,000. A high was reached at $97,431 and the price is now consolidating gains and well above the 23.6% Fib retracement level of the upward move from the $89,115 swing low to the $97,431 high.
A connecting bullish trendline is also forming with support at $96,000 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $95,000 and the 100 hourly Simple Moving Average.
On the upside, immediate resistance is around the $97,450 level. The first major resistance is around the $98,000 level. A clear move above the USD 98,000 resistance could push the price higher. The next major resistance could be at USD 98,800.
A close above the USD 98,800 resistance could send the price rising further. In the said case, the price could rise and test the USD 100,000 resistance level. Any further gains could send the price towards the USD 102,500 level.
Another drop in BTC?
If Bitcoin fails to rise above the USD 98,800 resistance zone, it could start a new decline. The immediate downside support is near the $96,000 level and the trendline. The first major support is near the $94,500 level.
The next support now lies near the $93,200 zone or the 50% Fib retracement level of the upward move from the $89,115 swing low to the $97,431 high. Any further losses could send the price towards the USD 92,000 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 96,000, followed by USD 94,500.
Major resistance levels – $97,450 and $98,800.
