Bitcoin Price Attempts a Comeback: Can the Recovery Hold?
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Bitcoin price is consolidating above the $95,500 support zone. BTC is showing a few positive signs and might attempt a recovery if it clears $100,000.
Bitcoin started a fresh decline below the $100,000 level.
The price is trading below $99,000 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $98,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it clears the $100,000 zone.
Bitcoin Price Holds Support
Bitcoin price failed to continue higher above the $102,500 zone. It started another decline below the $99,000 zone. BTC gained bearish momentum for a move below the $98,500 and $96,500 levels.
A low was formed at $95,700 and the price recently started a consolidation phase. There was a minor increase above the $97,000 level. The price surpassed the 23.6% Fib retracement level of the downward move from the $102,500 swing high to the $95,700 low.
Bitcoin price is now trading below $98,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $98,000 level. There is also a connecting bearish trend line forming with resistance at $98,000 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $99,100 level or the 50% Fib retracement level of the downward move from the $102,500 swing high to the $95,700 low. The next key resistance could be $100,000. A close above the $100,000 resistance might send the price further higher.
In the stated case, the price could rise and test the $101,200 resistance level. Any more gains might send the price toward the $102,500 level.
Another Decline In BTC?
If Bitcoin fails to rise above the $98,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $96,200 level. The first major support is near the $95,500 level.
The next support is now near the $93,200 zone. Any more losses might send the price toward the $92,200 support in the near term. The main support sits at $90,900.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major Support Levels – $96,200, followed by $95,500.
Major Resistance Levels – $98,000 and $100,000.
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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.
