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Bitcoin price started a recovery wave above the USD 95,000 level. BTC could continue to rise if it breaks the USD 100.00 resistance zone.
- Bitcoin started a decent upward move above the $95,000 zone.
- The price is trading above $95,000 and the 100 hourly Simple Moving Average.
- There was a break above a key bearish trendline with resistance at $95,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start to rise again if it remains above the $96,000 support zone.
Bitcoin Price Begins Recovery
Bitcoin price remained supported near $92,500 and started a recovery wave. BTC was able to climb above the USD 94,500 and USD 95,000 resistance levels.
There was a break above a key bearish trendline with resistance at $95,000 on the hourly chart of the BTC/USD pair. The pair crossed the $98,000 resistance level and was trading close to the $100,000 resistance level. It reached a high at $99,400 and the price is now consolidating gains.
It fell a few points below the 23.6% Fib retracement level of the upward move from the $92,417 swing low to the $99,400 high. Bitcoin price is now trading above $95,000 and the 100 hourly Simple Moving Average.
On the upside, immediate resistance is around the $99,000 level. The first major resistance is near the $99,500 level or recent high. A clear move above the USD 99,500 resistance could push the price higher. The next major resistance could be at $100,000.
A close above the $100,000 resistance could send the price higher. In the said case, the price could rise and test the USD 102,500 resistance level. Any further gains could send the price towards the $104,000 level.
Another drop in BTC?
If Bitcoin fails to rise above the $99,000 resistance zone, the price may continue to decline. The immediate downside support is near the $97,000 level.
The first major support is near the $96,000 level or the 50% Fib retracement level of the upward move from the $92,417 swing low to the $99,400 high. The next support is now near the $93,200 zone. Any further losses could send the price towards the USD 92,500 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 97,000, followed by USD 96,000.
Major resistance levels – $99,000 and $100,000.