Bitcoin price started a decent rise above the $96,000 level. If it clears the $100,00 resistance zone BTC may continue to rise.
- Bitcoin made a nice upward move above the $96,000 zone.
- The price is trading above $96,500 and the 100 hourly simple moving average.
- There is a bullish trend line connecting with support at $98,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may initiate another rally if it stays above the $96,000 support zone.
Bitcoin price may regain momentum
Wikipedia price started a decent moving upwards Above the $95,000 resistance zone. BTC was able to climb above the $96,500 and $97,000 resistance levels.
The pair cleared the $98,000 resistance level and traded near the $100,000 resistance level. A high was made at $99,400 and the price is now consolidating gains. The 23.6% Fib retracement level was a test of the upward move from the $92,415 swing low to the $99,400 high.
Bitcoin price is now trading above $96,500 and the 100 hourly 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 recent high. A clear move above the $99,500 resistance could send the price higher. The next major resistance could be $100,000.
A close above the $100,000 resistance could send the price higher. In the mentioned case, the price may rise and test the $102,200 resistance level. Any further gains could send the price towards the $103,500 level.
Another fall in BTC?
If Bitcoin fails to break above the $100,000 resistance zone, it may continue to move lower. Immediate support on the downside is near the $98,200 level and trend line.
The first major support is near the $96,000 level or the 50% Fib retracement level of the upward move from the $92,415 swing low to the $99,400 high. The next support is now near the $95,000 zone. Any further losses could send the price towards the $93,200 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 – $97,000, after $96,000.
Key resistance levels – $99,000 and $100,000.
