Bitcoin price is attempting a recovery wave from the $89,200 zone. BTC is rising and may face resistance near the $95,800 zone.
- Bitcoin started a recovery wave from the $89,200 zone.
- The price is trading above $94,000 and the 100 hourly simple moving average.
- There was a break above a connecting bearish trend line with resistance at $92,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may initiate another rally if it remains above the $92,450 support zone.
Bitcoin price eyes recovery below $95K
The price of Bitcoin started a short period The recovery wave After a sharp decline below the $90,000 zone. BTC was able to climb above the $91,500 and $93,200 levels.
The bulls were able to push the price above the 50% Fib retracement level of the move down from the $95,808 swing high to the $89,115 low. Additionally, there was a break above a connecting bearish trend line with resistance at $92,000 on the hourly chart of the BTC/USD pair.
However, bears are still active below the $95,500 level. Bitcoin price is now trading above $94,000 and 100 hourly simple moving average. On the upside, immediate resistance is near the $95,200 level.
The first key resistance is near the $95,800 level. A clear move above the $95,800 resistance could send the price higher. The next major resistance could be $97,400 or the 1.236 Fib extension level of a move down from the $95,808 swing high to the $89,115 low.
A close above the $97,400 resistance could send the price higher. In the mentioned case, the price may rise and test the $98,800 resistance level. Any further gains could send the price towards the $99,500 level.
Another drop in BTC?
If Bitcoin fails to break above the $95,800 resistance zone, it could start a new downtrend. Immediate support on the downside is near the $94,000 level.
The first major support is near the $93,200 level. The next support is now near the $92,200 zone. Any further losses could send the price towards the $90,000 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 – $94,000, after $93,200.
Key resistance levels – $95,200 and $95,800.
