Bitcoin price started a nice rise above the $96,000 level. BTC could continue to rise if it clears the $100.00 resistance area.
- Bitcoin started a nice move up above the $96,000 zone.
- The price is trading above $96,500 and the 100 hourly moving average.
- A connecting bullish trend line is forming with support at $98,500 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 could regain momentum
Bitcoin price started a nice move up above the $95,000 resistance zone. BTC was able to climb above the $96,500 and $97,000 resistance levels.
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. There was a test of the 23.6% Fib level of the wave up from the $92,415 swing low to the $99,400 high.
The price of Bitcoin is now trading above $96,500 and the 100 hourly moving average. On the upside, there is resistance near the $99,200 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 $102,200 resistance level. Any other benefits could push the price to $103,500.
Another decline in BTC?
If Bitcoin does not rise above the $100,000 resistance zone, it could continue to decline. Immediate support on the downside is near the $98,200 level and the trend line.
The first major support is near the $96,000 level or the 50% Fib level of the wave up from the $92,415 low to the $99,400 high. The next support is now near the $95,000 area. Any further losses could send the price towards the $93,200 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.
