Is This the Start of a Bigger Rally?
Bitcoin price is recovering losses above the $98,000 area. BTC is accelerating and may continue higher if it breaks the $100,000 resistance zone.
- Bitcoin started a fresh recovery above the $97,500 area.
- The price is trading above $97,800 and the 100 hourly simple moving average.
- There is a bullish trend line forming with support at $97,800 on the hourly chart of the BTC/USD pair (data via Kraken).
- If the pair holds above the $97,500 support area, another upward move could start.
Bitcoin price recovers further
Bitcoin price starts at $95,500 Resistance Zone. BTC was able to climb above the $96,200 and $97,000 resistance levels.
The price broke many barriers near the $98,500 level. It even soared above $99,500. A high was formed at $99.739 and the price is currently consolidating income It was above the 23.6% Fib retracement level of the recent upward move from the $97,250 swing low to $99,793 high.
There is also a bullish trend line forming with support at $97,800 on the hourly chart of the BTC/USD pair. Bitcoin price is currently trading above $97,500 and the 100 hourly simple moving average. The trendline is located near the 76.4% Fib retracement of the recent upward move from the $97,250 swing low to $99,793 high.
On the upside, immediate resistance lies near $99,800. The first key resistance lies near $100,000. A clear break above the $100,000 resistance could lead to a move higher.
The next key resistance level is likely to be $102,500. A close above the $102,500 resistance may push the price higher further. In the above scenario, the price may rise and test the $105,00 resistance. In case of further gains, the price may rise towards the $108,000 level.
Bitcoin falling again?
If Bitcoin fails to break above the $100,000 resistance level, it could start a fresh decline. Immediate support on the downside lies near the $98,500 level.
The first major support level is located near $97,800. The next support is near the $96,550 area. Any further losses could push the price towards the $95,000 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 $98,500, followed by $96,550.
Major resistance levels – $99,800 and $100,000.
