Bitcoin price is recovering losses from the $91,400 area. Bitcoin is showing positive signs and may gain momentum if it clears the $96,000 resistance zone.
- Bitcoin started a fresh recovery from the $91,400 area.
- The price is trading above $92,500 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 $94,000 support.
- If it stays above the $93,500 support area, the pair could start another rally.
The start of Bitcoin price recovery
Bitcoin price started a decent trend upward movement Above the $92,000 resistance area. Bitcoin was able to rise above the resistance levels of $93,200 and $93,500.
The price was able to break above the 50% retracement fib level of the recent decline from the swing of $96,040 to a low of $92,588. An uptrend line is also forming associated with the $94,000 support on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above $94,000 Simple 100 hourly moving average. On the upside, immediate resistance is near the $95,250 level. This is close to the 76.4% Fib retracement level of the recent decline from the swing low of $96,040 to the low of $92,588.
The first key resistance is near the $96,000 level. A clear move above the $96,000 resistance may push the price higher. The next key resistance could be $97,500. A close above the $97,500 resistance may push the price higher. In the mentioned case, the price could rise and test the resistance level of $98,800. Any further gains may push the price towards the $99,500 level.
BTC drop again?
If Bitcoin fails to climb above the $96,000 resistance area, it could start to fall again. Immediate support on the downside is near the $94,000 level and the trend line.
The first major support is near the $93,500 level. The next support is now near the $92,550 area. Any further losses may push the price towards the $91,200 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 – $94,000, followed by $93,500.
Key resistance levels – $95,250 and $96,000.
