Bitcoin price started a recovery wave above $90,000. BTC is now consolidating and could aim for a move above the $91,500 zone soon.
- Bitcoin started a recovery wave and climbed towards $92,000.
- The price is trading above $90,000 and the 100 hourly Simple Moving Average.
- There was a break above a key bearish trendline with resistance at $88,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it breaks above the $91,500 zone.
Bitcoin price eyes stable gains
Bitcoin price managed to remain above the USD 86,500 level. BTC formed a base and recently started a recovery wave above the $88,000 resistance zone.
There was a break above a key bearish trendline with resistance at $88,000 on the hourly chart of the BTC/USD pair. The pair rose above the USD 90,000 level. There was a clear break above the 61.8% Fib retracement level of the downward move from the $92,872 swing high to the $80,595 low.
Bitcoin is now trading above $90,500 and the 100 hourly Simple Moving Average. It is also above the 76.4% Fib retracement level of the downward move from the $92,872 swing high to the $80,595 low.
If the bulls remain in action, the price may encounter resistance near the USD 91,500 level. The first major resistance is near the $92,000 level. The next resistance could be $92,500. A close above the USD 92,500 resistance could send the price rising further. In the mentioned case, the price could rise and test the USD 93,750 resistance. Any further gains could send the price towards the USD 94,500 level. The next barrier for the bulls could be $95,000 and $95,500.
Another drop in BTC?
If Bitcoin fails to rise above the USD 92,000 resistance zone, it could trigger another decline. The immediate support is near the $89,750 level. The first major support is near the $88,500 level.
The next support is now near the $88,000 zone. Any further losses could send the price towards the USD 86,500 support in the short term. The key support is at $85,000, below which BTC could potentially accelerate lower in the near 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 89,750, followed by USD 88,000.
Major resistance levels – $92,000 and $92,500.