Bitcoin price began the recovery wave above the zone for $ 94,500. BTC grows within the range and can return to the resistance zone in the amount of 98,000 US dollars.
- Bitcoin began a decent recovery wave above the zone for $ 95,500.
- The price is traded above $ 96,000 and 100 hourly simple sliding average.
- There was a break above the key line of the bear trend with a resistance of $ 96,700 in the hourly diagram of the BTC/USD pair (data from Kraken).
- The couple can start another increase if it remains higher than the zone for $ 96,000.
Bitcoin price to restore losses
The price of bitcoins formed a base above the level of 93,500 US dollars and began a recovery wave. BTC was able to surpass the resistance levels of $ 94,000 and $ 94 and $ 94.
There was a step above the level of recovery by 50% in the descending movement from the maximum swing of $ 98,825 to a low level of $ 93,288. In addition, there was a break above the key line of the bear trend with a resistance of 96,700 dollars in the hourly diagram of the BTC/USD pair.
The couple even surpassed the level of $ 96,500 and is now encountering obstacles near the zone for $ 96,800. The price of bitcoins is currently trading above $ 96,200 and 100 hourly simple sliding average.
On the other hand, immediate resistance is located at the level of 96,800 US dollars or the FIB recovery level of 61.8% down compared to the maximum of swinging $ 98,825 to a low level of $ 93,288. The first key resistance is located near the level of 97,200 dollars. The next key resistance can be $ 98,000.
Close above the resistance in the amount of 98,000 US dollars can lead to a further price increase. In the declared case, the price can rise and check the resistance level in the amount of 98,800 US dollars. Any profits can send the price to the level of 99,500 dollars or even $ 100,000.
Another decline in BTC?
If Bitcoin does not rise above the resistance zone in the amount of $ 97,000, it can begin a new decline. Direct support below is about 96,100 dollars. The first major support is at about 96,000 dollars.
The next support is now next to the zone for $ 95,500. Any other losses can send the price of support at $ 94,2,04 in the near future. The main support costs 93,400 dollars.
Technical indicators:
The hourly macd – MACD is now gaining momentum in the bull zone.
The hourly RSI (relative force) – RSI for BTC/USD is now higher than the level of 50.
The main support levels are $ 96 $ 100, followed by $ 96,000.
The main levels of resistance are 97,000 US dollars and $ 98,000.
