The price of Bitcoin started a decent increase from the $96,000 level. If it clears the $100,000 resistance zone, Bitcoin may continue to rise.
- Bitcoin started a decent up move above the $96,000 area.
- The price is trading above $96,500 and the 100 hourly simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken) an uptrend line is forming associated with the $98,500 support.
- If the pair stays above the $96,000 support zone, it could initiate another rally.
Bitcoin price can regain its momentum
Bitcoin price started a decent trend upward movement Above the $95,000 resistance area. Bitcoin was able to break above the resistance levels of $96,500 and $97,000.
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 23.6% Fib retracement level was tested from the swing low of $92,415 to the high of $99,400.
Bitcoin price is now trading above $96,500 and the 100-hour simple moving average. On the upside, immediate resistance is near the $99,200 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 $102,200 resistance level. Any further gains may push the price to the $103,500 level.
BTC drop again?
If Bitcoin fails to climb above the $100,000 resistance zone, it can continue to move. 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 retracement level of the uptrend from $92,415 swing low to $99,400. The next support is now near the $95,000 area. Any further losses may push the price towards the $93,200 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.
