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Bitcoin price remained supported above the $95,500 zone. BTC is up over 5% and is now trading above the $100,00 resistance zone.
Bitcoin started a fresh increase above the $97,500 zone.
The price is trading above $98,800 and the 100 hourly Simple moving average.
There was a break above a key bearish trend line with resistance at $97,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct some gains before it attempts to surpass the $102,000 resistance zone.
Bitcoin Price Regains Strength
Bitcoin price formed a base and started a fresh increase above the $98,000 zone. There was a move above the $98,800 and $99,200 levels.
During the increase, there was a break above a key bearish trend line with resistance at $97,500 on the hourly chart of the BTC/USD pair. The pair even cleared the $100,000 level. A high was formed at $101,900 and the price is now consolidating gains.
It is slowly moving lower toward the 23.6% Fib retracement level of the recent wave from the $94,314 swing low to the $101,900 high. Bitcoin price is now trading above $100,000 and the 100 hourly Simple moving average.
On the upside, the price could face resistance near the $101,400 level. The first key resistance is near the $102,000 level. A clear move above the $102,000 resistance might send the price higher. The next key resistance could be $104,000. A close above the $104,000 resistance might send the price further higher. In the stated case, the price could rise and test the $105,000 resistance level. Any more gains might send the price toward the $108,000 level.
Another Decline In BTC?
If Bitcoin fails to rise above the $102,000 resistance zone, it could start another downside correction. Immediate support on the downside is near the $100,000 level.
The first major support is near the $98,200 level or the 50% Fib retracement level of the recent wave from the $94,314 swing low to the $101,900 high. The next support is now near the $97,250 zone. Any more losses might send the price toward the $95,000 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 – $100,200, followed by $98,200.
Major Resistance Levels – $102,000, and $104,000.
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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.
