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Bitcoin price started a recovery wave above $ 96,500 zone. BTC rises and can strive for a movement above the $ 98,800 resistance zone.
- Bitcoin started a decent wave above $ 96,500 zone.
- The price is traded above $ 97,000 and the simple simple advancing average of 100 hours.
- There is an important bullish trend line that forms with support near $ 97,600 on the hourly table of the BTC/USD pair (data specialty).
- The couple can start a new increase if it remains above $ 96,400 zone.
Bitcoin -Price strives higher
Bitcoin price formed a base above the level of $ 94,500 and started a recovery wave. BTC was able to exceed the resistance levels of $ 95,000 and $ 96,400.
The price even erased the resistance level of $ 97,500. The bulls even pushed the price above $ 98,500. A high was formed in the vicinity of $ 98,725 and the price is now the profits consolidate. The price is stable above the 23.6% FIB racement level of the upward movement of the $ 93,370 Swing low to $ 98,725 high.
Bitcoin price is now traded above $ 97,200 and the 100 simple advancing average per hour. There is also an important bullish trend line that forms with support near $ 97,600 on the hour table of the BTC/USD pair.
At the top is immediate resistance near the level of $ 98,500. The first key resistance is near the level of $ 98,800. The next key resistance can be $ 99,500. A close -up resistance of $ 99,500 can further send the price. In the case mentioned, the price could rise and the resistance level of $ 100,000 tests. More profits can send the price to the $ 100,500 level or even $ 102,000.
Another decline in BTC?
If Bitcoin does not rise above the $ 98,800 resistance zone, this can start a new decline. Immediate support on the disadvantage is near the level of $ 97,500. The first major support is near the $ 96,500 level and the 50% FIB retracement level of the upward movement of the $ 93,370 Swing low to $ 98,725 high.
The next support is now near the $ 95,500 zone. More losses can send the price in the short term to the support of $ 94,200. The most important support is at $ 93,400.
Technical indicators:
MACD per hour – The MACD now wins pace in the bullish zone.
Picly RSI (Relative strength -Index) -The RSI for BTC/USD is now above 50 -level.
Important support levels – $ 97,500, followed by $ 96,500.
Important resistance levels – $ 98,500 and $ 100,000.