Bitcoin price is attempting a recovery wave above the $93,200 zone. BTC is rising and could face resistance near the $97,500 area.
- Bitcoin has launched a recovery wave above the $95,000 zone.
- The price is trading above $95,500 and the 100 hourly simple moving average.
- There is a connected uptrend line forming with support at $96,000 on the hourly chart of the BTC/USD pair (Kraken data feed).
- The pair could begin a further rise if it stays above the $95,450 support zone.
Bitcoin price regains ground above $95,000
Bitcoin price has triggered a short-term rally above the $92,000 zone. BTC managed to surpass the $93,500 and $94,200 levels.
The bulls managed to push the price above the key $95,800 barrier. The price even exceeded $97,000. A high formed at $97,431 and the price is now consolidating its gains and is well above the 23.6% Fibonacci retracement level of the upward move from the $89,115 low to $97,431 high .
There is also a bullish trend line 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 near the $97,450 level. The first key resistance is near the $98,000 level. A sharp move above the $98,000 resistance could send the price higher. The next key resistance could be $98,800.
A close above the $98,800 resistance could push the price further. In the indicated case, the price could rise and test the resistance level of $100,000. Any further gains could push the price towards the $102,500 level.
Another drop in BTC?
If Bitcoin fails to rise above the $98,800 resistance zone, it could begin a further decline. 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 is now near the $93,200 area or the 50% Fibonacci retracement level of the upward move from the $89,115 low to $97,431 high. Any further losses could push the price towards the $92,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now accelerating into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – $96,000, followed by $94,500.
Major resistance levels – $97,450 and $98,800.
