Bitcoin price is recovering losses above the $95,000 area. Bitcoin is gaining momentum and may continue its uptrend if it clears the $98,000 resistance zone.
- Bitcoin started a new recovery above the $95,500 area.
- The price is trading above $96,500 and the 100 hourly simple moving average.
- An uptrend line associated with the $95,000 support is forming on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could initiate another rally if it stays above the $95,000 support zone.
Bitcoin price will improve further
Bitcoin price started one fit up Move above the $93,200 resistance area. Bitcoin was able to break above the resistance levels of $94,200 and $95,000.
The price was able to clear many barriers near the $96,500 level. It even reached above $97,500. A peak was formed at $97,719 and the price is now consolidating gains above the 23.6% retracement fib level of the recent up move from $92,588 to a high of $97,719.
An uptrend line is also forming associated with the $95,000 support on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $95,500 Simple 100 hourly moving average. The trend line is near the 50% Fib retracement level of the recent up move from $92,588 to the $97,719 high.
On the upside, immediate resistance is near the $97,500 level. The first key resistance is near the $98,000 level. A clear move above the $98,000 resistance may push the price higher.
The next key resistance could be $98,800. A close above the $98,800 resistance may push the price higher. In the mentioned case, the price could rise and test the resistance level of $99,500. Any further gains may push the price to the $100,000 level.
BTC drop again?
If Bitcoin fails to break above the $98,000 resistance, it may initiate a new downtrend. Immediate support on the downside is near the $96,500 level.
The first major support is near the $95,000 level. The next support is now near the $94,550 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 – $96,500 followed by $95,500.
Key resistance levels – $97,500 and $98,000.
