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Home»Analysis»Is another rally in sight?
Analysis

Is another rally in sight?

2024-11-14No Comments3 Mins Read
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This article is available in Spanish.

The Bitcoin price rose above $90,000. BTC is now consolidating gains near $90,000 and could attempt another surge in the near term.

  • Bitcoin extended its rise and traded above the $92,000 zone.
  • The price is trading above USD 87,500 and the 100 hourly Simple Moving Average.
  • A major bullish trendline is forming with support at $87,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to rise if it remains above the $85,400 zone.

Bitcoin price sets another ATH

Bitcoin price started a new increase above the USD 88,000 level. BTC managed to overcome the USD 90,000 resistance and traded to a new all-time high. It hit a high at $93,435 and is currently consolidating gains.

There was a small decline below the $91,500 level. The price fell below the 50% Fib retracement level of the upward move from the $85,302 swing low to the $93,435 high. However, the bulls are active near the USD 88,500 support zone.

Bitcoin price is now trading above $87,500 and the 100 hourly Simple Moving Average. A major bullish trendline is also forming with support at $87,200 on the hourly chart of the BTC/USD pair. The trendline is close to the 76.4% Fib retracement level of the upward move from the $85,302 swing low to the $93,435 high.

Bitcoin price
Source: BTCUSD on TradingView.com

On the upside, the price could encounter resistance near the USD 90,500 level. The first major resistance is near the $91,200 level. A clear move above the USD 91,200 resistance could push the price higher. The next major resistance could be at USD 93,500. A close above the resistance at $93,500 could lead to more gains. In the said case, the price could rise and test the USD 95,000 resistance level. Any further gains could send the price towards the $100,000 resistance level.

See also  23 Days Until a Bitcoin Rally? The BTC Halving Cycle Has the Answer!

More disadvantages of BTC?

If Bitcoin fails to rise above the USD 90,500 resistance zone, a downward correction could occur. The immediate downside support is near the $88,400 level.

The first major support is near the $87,200 level or trendline. The next support is now near the $85,400 zone. Any further losses could send the price towards the USD 82,500 support in the short term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 80 level.

Major support levels – USD 88,400, followed by USD 87,200.

Major resistance levels – $90,500 and $91,200.

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