Bitcoin price started a wave of recovery above the $95,000 level. If it clears the $100,000 resistance zone, Bitcoin may continue to rise.
- Bitcoin started a decent up move above the $95,000 area.
- The price is trading above $95,000 and the 100 hourly simple moving average.
- The BTC/USD hourly chart (data feed from Kraken) broke above a key downtrend line with resistance at $95,000.
- If the pair stays above the $96,000 support zone, it could initiate another rally.
The start of Bitcoin price recovery
Bitcoin price remained close to support $92,500 And the wave of recovery began. Bitcoin was able to break above the resistance levels of $94,500 and $95,000.
On the hourly chart of the Bitcoin/USD pair, there was a break above a key downtrend line with resistance at $95,000. The pair crossed the $98,000 resistance level and traded close to the $100,000 resistance level. A peak was formed at $99,400 and the price is now consolidating profits.
The index fell a few pips below the 23.6% retracement Fib retracement level of $92,417 to a high of $99,400. Bitcoin price is now trading above $95,000 Simple 100 hourly moving average.
On the upside, immediate resistance is near the $99,000 level. The first key 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 key resistance could be $100,000.
A close above the $100,000 resistance may push the price higher. In the mentioned case, the price could rise and test the $102,500 resistance level. Any further gains may push the price towards the $104,000 level.
BTC drop again?
If Bitcoin fails to climb above the $99,000 resistance area, it could continue to move. 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 retracement level on the upside from $92,417 to the $99,400 high. The next support is now near the $93,200 area. Any further losses may push the price towards the $92,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $97,000 followed by $96,000.
Major resistance levels – $99,000 and $100,000.
