Bitcoin Price Poised for Another Rise: The Next Move Awaits
Bitcoin price is recovering above $95,000. BTC is showing positive signs and is targeting another break above the $98,000 level.
- Bitcoin started a fresh rally above the $95,000 area.
- The price is trading above $95,500 and the 100 hourly simple moving average.
- There is a break above a short-term contracting triangle with resistance at $95,500 on the hourly chart of the BTC/USD pair (data feed via Kraken).
- The pair may gain bullish momentum if it breaks above the $97,000 resistance zone.
Bitcoin price expected to rise
Bitcoin price remains stable at $93,500 zone. BTC has formed a base above the $94,500 resistance zone and started a fresh rise. The bulls were able to push the price above the $95,500 resistance zone.
There was a break above a short-term contracting triangle with resistance at $95,500 on the hourly chart of the BTC/USD pair. The pair climbed above the 61.8% Fib retracement level of the descending wave from the $98,880 high to $90,735 low.
Bitcoin price is currently trading above $95,500 100 hour simple moving average. On the upside, the price may face resistance near $97,000. It is near the 76.4% Fib retracement level of the downward wave from the $98,880 high to $90,735 low.
The first key resistance is near $98,500. A clear break above the $98,500 resistance could lead to a move higher. The next key resistance level is likely to be $98,800. A close above the $98,800 resistance could trigger more gains. In the above scenario, the price may rise and test the $100,000 resistance. In case of further gains, the price may rise towards the $102,000 level.
Bitcoin falling again?
If Bitcoin fails to break above the $97,000 resistance, it may start another downside correction. Immediate support on the downside lies near the $95,500 level.
The first major support level is located near $94,500. The next support is near the $93,200 area. Any further losses could push the price towards the $91,500 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 level – $95,500, followed by $94,500.
Major resistance levels – $97,000 and $98,800.
