Is There More Fuel for the Rally?
Bitcoin price is consolidating gains near the $91,000 area. BTC is holding on to gains and may soon target more upside above $94,000.
- Bitcoin has started a fresh rise above the $91,000 area.
- The price is trading above $91,000 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support at $90,800 on the hourly chart of the BTC/USD pair (data feed via Kraken).
- The pair may gain bullish momentum if it breaks above the $93,200 resistance zone.
Bitcoin price could rise again
Bitcoin price remains supported $90,000 level. BTC formed a bottom and started a fresh rise above $91,000. It broke above the $93,000 level and hit a new high of $94,000 before pulling back.
The price fell 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 $94,000 high. However, the price stabilized and consolidated near the $92,000 level.
Bitcoin price currently trades above $91,000 100 hour simple moving average. There is also a key bullish trend line 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 of the upward move from the $89,400 swing low to $94,000 high.
On the upside, the price may face resistance near $92,600. The first key resistance is near $93,200. A clear break above the $93,200 resistance could push the price higher. The next key resistance level is likely to be $94,000.
A close above the $94,000 resistance could trigger more gains. In the above scenario, the price may rise and test the $98,000 resistance. Any more gains could push the price towards the $100,000 resistance.
Bitcoin pullback again?
If Bitcoin fails to break above the $94,000 resistance, it may start a downside correction. Immediate support on the downside lies near the $91,700 level.
The first major support level is located near $90,700. The next support is near the $89,500 area. Any further losses could push the price towards the $87,500 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now losing speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
The main support level – $91,700, followed by $90,700.
Major resistance levels – $92,600 and $94,000.
