Steady Climb Toward New Highs
Bitcoin price is steadily rising above the $92,000 area. BTC is showing positive signs and may continue to rise above $95,000.
- Bitcoin has started a fresh rise above the $92,000 area.
- The price is trading above $92,000 and the 100 hourly simple moving average.
- There is a bullish trend line forming with support at $93,800 on the hourly chart of the BTC/USD pair (data via Kraken).
- The pair is likely to continue rising if it breaks the $95,000 resistance zone.
Bitcoin price reaches new high
bitcoin price still supported Above the $91,000 level. BTC formed a base and started a new leg above $92,000. It broke above the $94,000 level and hit a new high of $94,980 before pulling back.
It fell below the $94,200 level. The price fell below the 23.6% Fib retracement level of the upward move from the $91,500 swing low to $94,980 high. However, the price stabilized and consolidated near the $94,200 level.
Bitcoin price currently trading above $93,000 100 hour simple moving average. There is also a bullish trend line forming with support at $93,800 on the hourly chart of the BTC/USD pair.
On the bright side, the price may face resistance near $94,800. The first key resistance lies near $95,000. A clear break above the $95,000 resistance could lead to a move higher. The next key resistance level is likely to be $98,000.
A close above the $98,000 resistance could trigger more gains. In the above scenario, the price may rise and test the $100,000 resistance. Any further gains may push the price towards the $102,000 resistance.
Bitcoin correcting again to the downside?
If Bitcoin fails to break above the $95,000 resistance zone, it may start a downside correction. Immediate support on the downside lies near the $93,700 level.
The first major support is seen near the $92,800 level, which is the 61.8% Fib retracement level of the upward move from the $91,500 swing low to the $94,980 high. The next support is near the $91,500 area. Any further losses could push the price towards the $90,000 support in the short term.
Technical indicators:
Hourly MACD – The MACD is currently accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
The main support is at $93,800, followed by $92,800.
Major resistance levels – $94,800 and $95,000.
