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Bitcoin price is recovering losses from the $91,400 zone. BTC is showing some positive signs and could gain momentum if it breaks the USD 96,000 resistance zone.
- Bitcoin started a new recovery from the $91,400 zone.
- The price is trading above USD 92,500 and the 100 hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $94,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise again if it remains above the $93,500 support zone.
Bitcoin Price Begins Recovery
Bitcoin price started a decent upward move above the USD 92,000 resistance zone. BTC was able to climb above the USD 93,200 and USD 93,500 resistance levels.
The price was able to surpass the 50% Fib retracement level of the recent decline from the $96,040 swing high to the $92,588 low. A connecting bullish trendline is also forming with support at $94,000 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above $94,000 and the 100 hourly Simple Moving Average. On the upside, immediate resistance is around the $95,250 level. It is close to the 76.4% Fib retracement level of the recent decline from the $96,040 swing high to the $92,588 low.
The first major resistance is around the $96,000 level. A clear move above the USD 96,000 resistance could push the price higher. The next major resistance could be at USD 97,500. A close above the USD 97,500 resistance could send the price rising further. In the said case, the price could 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 96,000 resistance zone, it could start a new decline. The immediate downside support is near the $94,000 level and the trendline.
The first major support is near the $93,500 level. The next support is now near the $92,550 zone. Any further losses could send the price towards the USD 91,200 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 93,500.
Major resistance levels – $95,250 and $96,000.
