Bitcoin price is attempting a recovery wave above the $93,200 zone. BTC is rising and may face resistance near the $97,500 zone.
- Bitcoin started 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 connecting bullish trend line with support at $96,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could initiate another rally if it stays above the $95,450 support zone.
Bitcoin price regains traction below $95K
The price of Bitcoin started a short period The recovery wave Above the $92,000 zone. BTC was able to climb above the $93,500 and $94,200 levels.
The bulls were able to push the price above the key barrier at $95,800. The price has also been cleared to $97,000. A high was formed at $97,431 and the price is now consolidating gains and is well above the 23.6% Fib retracement level of the upward move from the $89,115 swing low to the $97,431 high.
There is also a bullish trend line connecting to support at $96,000 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $95,000 and 100 hourly simple moving average.
On the upside, immediate resistance is near the $97,450 level. The first major resistance is near the $98,000 level. A clear move above the $98,000 resistance could send the price higher. The next major resistance could be $98,800.
A close above the $98,800 resistance could send the price higher. In the mentioned case, the price may rise and test the $100,000 resistance level. Any further gains could send the price towards the $102,500 level.
Another drop in BTC?
If Bitcoin fails to break above the $98,800 resistance zone, it could start a new downtrend. Immediate support on the downside is near the $96,000 level and trend line. The first major support is near the $94,500 level.
The next support is now near the $93,200 zone or the 50% Fib retracement level of the upside from the $89,115 swing low to the $97,431 high. Any further losses could send the price towards the $92,000 support in the near term.
Technical Indicators:
Hourly MACD – MACD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Main support level – $96,000, followed by $94,500.
Key resistance levels – $97,450 and $98,800.
