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Bitcoin price is consolidating gains near the $91,000 zone. BTC is holding gains and could target more gains above the USD 94,000 level soon.
- Bitcoin started a new rise above the $91,000 zone.
- The price is trading above $91,000 and the 100 hourly Simple Moving Average.
- A major bullish trendline is forming with support at $90,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it breaks the $93,200 resistance zone.
Bitcoin price may rise again
Bitcoin price remained supported above the USD 90,000 level. BTC formed a base and started a new increase above the USD 91,000 level. It reached the $93,000 level and traded to a new high at $94,000 before a pullback occurred.
There was a move below the $93,000 level. The price fell below the 23.6% Fib retracement level of the upward move from the $89,400 swing low to the $94,000 high. However, the price is stable and consolidating around the USD 92,000 level.
Bitcoin price is now trading above $91,000 and the 100 hourly Simple Moving Average. A major bullish trendline is also forming with support at $90,800 on the hourly chart of the BTC/USD pair. The trendline is close to the 61.8% Fib retracement level of the upward move from the $89,400 swing low to the $94,000 high.
On the upside, the price could encounter resistance near the USD 92,600 level. The first major resistance is near the $93,200 level. A clear move above the USD 93,200 resistance could push the price higher. The next major resistance could be at USD 94,000.
A close above the $94,000 resistance could lead to more gains. In the said case, the price could rise and test the USD 98,000 resistance level. Any further gains could send the price towards the $100,000 resistance level.
Another BTC pullback?
If Bitcoin fails to rise above the USD 94,000 resistance zone, a downward correction could occur. The immediate downside support is near the $91,700 level.
The first major support is near the $90,700 level. The next support is now near the $89,500 zone. Any further losses could send the price towards the USD 87,500 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 91,700, followed by USD 90,700.
Major resistance levels – $92,600 and $94,000.