Bitcoin Price Holds Support: Ready to Spring Back?
Bitcoin price remains supported above the $94,200 area. BTC is forming a base and may start a fresh rise above the $98,000 resistance.
- Bitcoin started a fresh decline below the $98,000 support area.
- The price is trading below $97,500 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance at $97,800 on the hourly chart of the BTC/USD pair (data feed via Kraken).
- The pair may regain momentum if there is a close above the $98,000 resistance zone.
Bitcoin price remains above support
Bitcoin price extends losses, falls below Support zone at $98,000. It fell below the support at $96,500. The price has even soared below $95,000.
A low was formed at $94,314 and the price is now consolidating losses. A recovery wave is emerging above $96,650. The price climbed above the 61.8% Fib retracement level of the downward wave from the swing high of $98,267 to low of $94,314.
Bitcoin price currently below $98,000 100 hour simple moving average. On the bright side, the price may face resistance near $97,500. It is near the 76.4% Fib retracement level of the downward wave from the swing high of $98,267 to low of $94,314.
The first key resistance lies near $98,000. There is also a key bearish trend line forming with resistance at $97,800 on the hourly chart of the BTC/USD pair.
A clear break above the $98,000 resistance could push the price higher. The next key resistance level is likely to be $98,800. A close above the $98,800 resistance may push the price higher further. 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 $98,000 resistance, it may start another downside correction. Immediate support on the downside lies near the $96,500 level.
The first major support level is located near $95,000. The next support is near the $94,250 area. Any further losses could push the price towards the $92,000 support in the near 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 below the 50 level.
The main support level – $96,500, followed by $95,000.
Major resistance levels – $98,000 and $98,800.
