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Bitcoin price started a recovery wave above $ 94,500 zone. BTC rises within a range and can view the $ 98,000 resistance zone.
- Bitcoin started a decent wave above the $ 95,500 zone.
- The price is traded above $ 96,000 and the simple simple advancing average of 100 hours.
- There was a break over an important Bearish trend line with resistance at $ 96,700 on the hour table of the BTC/USD pair (data feed from Kraken).
- The couple can start a different increase if it remains above $ 96,000 zone.
Bitcoin -Losing price loss
Bitcoin price formed a base above the level of $ 93,500 and started a recovery wave. BTC was able to exceed the resistance levels of $ 94,000 and $ 94,200.
There was a movement above the 50% FIB retracement level of the downward movement of the $ 98,825 Swing high to $ 93,288 low. By the way, there was a break over an important bearish trend line with resistance at $ 96,700 on the hour table of the BTC/USD pair.
The pair even surpassed the level of $ 96,500 and is now confronted with obstacles near the $ 96,800 zone. Bitcoin price is now traded above $ 96,200 and the 100 simple advancing average per hour.
At the top is immediate resistance near the $ 96,800 level or the 61.8% FIB retracement level of the downward movement of the $ 98,825 Swing high to $ 93,288 low. The first key resistance is near the level of $ 97,200. The next key resistance can be $ 98,000.
A close -up resistance of $ 98,000 can further send the price. In the case mentioned, the price could rise and the resistance level of $ 98,800 tests. More profits can send the price to the level of $ 99,500 or even $ 100,000.
Another decline in BTC?
If Bitcoin does not rise above the $ 97,000 resistance zone, this can start a new decline. Immediate support on the disadvantage is near the level of $ 96,100. The first major support is near the level of $ 96,000.
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 – $ 96,100, followed by $ 96,000.
Important resistance levels – $ 97,000 and $ 98,000.
