Bitcoin Price Hints at Rebound: Early Signs of Recovery Emerge
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Bitcoin price is attempting a recovery wave from the $89,200 zone. BTC is rising and might face resistance near the $95,800 zone.
Bitcoin started a recovery wave from the $89,200 zone.
The price is trading above $94,000 and the 100 hourly Simple moving average.
There was a break above a connecting bearish trend line with resistance at $92,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it stays above the $92,450 support zone.
Bitcoin Price Eyes Recovery Above Below $95K
Bitcoin price started a short-term recovery wave after a sharp dip below the $90,000 zone. BTC was able to climb above the $91,500 and $93,200 levels.
The bulls were able to push the price above the 50% Fib retracement level of the downward move from the $95,808 swing high to the $89,115 low. Besides, there was a break above a connecting bearish trend line with resistance at $92,000 on the hourly chart of the BTC/USD pair.
However, the bears are still active below the $95,500 level. Bitcoin price is now trading above $94,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $95,200 level.
The first key resistance is near the $95,800 level. A clear move above the $95,800 resistance might send the price higher. The next key resistance could be $97,400 or the 1.236 Fib extension level of the downward move from the $95,808 swing high to the $89,115 low.
A close above the $97,400 resistance might send the price further higher. In the stated case, the price could rise and test the $98,800 resistance level. Any more gains might send the price toward the $99,500 level.
Another Drop In BTC?
If Bitcoin fails to rise above the $95,800 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $94,000 level.
The first major support is near the $93,200 level. The next support is now near the $92,200 zone. Any more losses might send the price toward the $90,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $94,000, followed by $93,200.
Major Resistance Levels – $95,200 and $95,800.
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* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
