Will It Smash Resistance and Climb?
Bitcoin is priced above the $96,200 support zone. BTC shows some positive signs that may try to gather over $99,000.
- Bitcoin has started a nice wave of recovery, above the $95,000 level.
- Prices traded above $96,000, a simple moving average per hour.
- In the hourly chart of the BTC/USD pair, there is a connected bearish trend line with a resistance of $98,000 (from Kraken’s feed).
- If the couple clears the $98,000 area, the couple may increase again.
Bitcoin price increases freshly
Bitcoin prices failed to continue to rise above the $100,500 region. It’s started Another drop Areas below $97,500. BTC gained bearish momentum, with its relocation below the $96,000 and $95,000 levels.
From $91,000 swings less than $102,500 highs, the 61.8% FIB retracement level of the upward wave is also below the 61.8% spike. Price tested the $95,000 area and recently recovered some losses. Over $96,000 levels.
Bitcoin Price is now trading at over $97,000, 100-hour simple moving average. On the plus side, immediate resistance is close to the $98,000 level. On the hourly chart of the BTC/USD pair, there is also a connected bearish trend line with a resistance of $98,000.
The first key resistance is close to the $99,000 level. The next key resistance could be $100,000. The shutdown of resistors over $100,000 may make the price even higher. In the case of statements, the price may rise and test the resistance level of $101,200. More gains may shift the price to the $102,500 level.
Another decline in BTC?
If Bitcoin fails to exceed the $98,000 resistance zone, a new decline may begin. Immediately support at a disadvantage close to $96,500 level. The first major support is close to $95,500.
Now, the next support is the 76.4% FIB retracement level of the area close to $93,700 or upward wave, from swing of $91,000 to $102,500 high. In the short term, more losses may send the price to $92,000 in support. The main support is $91,000.
Technical indicators:
Hourly MACD – MACD is now accelerating its pace in the bullish area.
Hour RSI (Relative Strength Index) – The RSI of BTC/USD is now above level 50.
Main support level – $96,500, followed by $95,500.
Major resistance levels – $98,000 and $100,000.
