Bitcoin Price Targets Key Breakout: Bulls Eye Upside Momentum
Bitcoin price started to rise sharply above $96,000. If BTC breaks out of the $100 resistance zone, it may continue to rise.
- Bitcoin started a sharp rise above the $96,000 area.
- The price is trading above $96,500 and the 100 hourly simple moving average.
- There is a bullish trend line forming with support at $98,500 on the hourly chart of the BTC/USD pair (data via Kraken).
- If the pair holds above the $96,000 support area, another upward move could start.
Bitcoin price may regain momentum
Bitcoin price starts to rise move up Above the $95,000 resistance zone. BTC was able to climb above the $96,500 and $97,000 resistance levels.
The pair broke above the $98,000 resistance and is approaching the $100,000 resistance. A high was formed at $99,400 and the price is now consolidating gains. There was a test of the 23.6% Fib retracement level of the upward wave from the swing low of $92,415 to highs of $99,400.
Bitcoin price is currently trading above $96,500 and the 100 hourly simple moving average. On the upside, immediate resistance lies near $99,200. The first key resistance is near the $99,500 level or recent highs. A clear break above the $99,500 resistance could lead to a move higher. The next key resistance level may be $100,000.
A close above the $100,000 resistance could lead to further price gains. In the above scenario, the price may rise and test the $102,200 resistance. In case of further gains, the price may rise towards the $103,500 level.
Bitcoin falling again?
If Bitcoin fails to break above the $100,000 resistance, it may continue to fall. Immediate support on the downside lies near the $98,200 level and trendline.
First major support is seen near $96,000, the 50% Fib retracement level of the upward wave from the $92,415 swing low to $99,400 high. The next support is near the $95,000 area. Any further losses could push the price towards the $93,200 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 – $97,000, followed by $96,000.
Major resistance levels – $99,000 and $100,000.
