Bitcoin price started a wave of recovery above the $95,000 level. BTC could continue to rise if it clears the $100.00 resistance area.
- Bitcoin started a nice move up above the $95,000 zone.
- The price is trading above $95,000 and the simple moving average is 100 hourly.
- There was a break above the main bearish trend line with resistance at $95,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could initiate another rally if it holds above the $96,000 support area.
Bitcoin Price begins to recover
Bitcoin price remained with close support $92,500 and a wave of recovery began. BTC was able to climb above the $94,500 and $95,000 resistance levels.
There was a break above the main 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 near the $100,000 resistance level. A high was formed at $99,400 and the price is now consolidating gains.
It declined a few pips below the 23.6% Fib retracement of the move up from the $92,417 swing low to the $99,400 high. The price of Bitcoin is now trading above $95,000 and the 100 hourly simple moving average.
On the upside, there is resistance near the $99,000 level. The first major resistance is near the $99,500 level or the recent high. A clear move above the $99,500 resistance may push the price higher. The next major offering could be $100,000.
A close above the $100,000 resistance could send the price higher. In the mentioned case, the price could rise and test the $102,500 resistance level. Any other benefits could push the price to the $104,000 level.
Another decline in BTC?
If Bitcoin does not rise above the $99,000 resistance zone, it could continue to decline. 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 level of the move up from the $92,417 low to $99,400 high. The next support is now near the $93,200 area. Any further losses could send the price towards the $92,500 support in the short term.
Technical specifications:
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.
Top Support Levels – $97,000, followed by $96,000.
Key Resistance Levels – $99,000 and $100,000.
