Bitcoin price began the correction down and checked the zone for $ 94,000. BTC grows again and can strive to move to a resistance of $ 98,000.
- Bitcoin began a decent increase above the resistance zone for $ 95,500.
- The price is traded above $ 95,500 US and 100 hourly simple sliding average.
- There was a break higher than the Bear Trend connecting line with a resistance of $ 94,750 in the hourly diagram of the BTC/USD pair (data from Kraken).
- The couple can start another increase if it cleanses the zone for $ 97,750.
Bitcoin price bounced back
Bitcoin price began correction below the support zone for 95,500 US dollars. BTC decreased below the support level of $ 95,000 and U.S. $ 94,500. However, the bulls were active near the zone for $ 94,000.
The recent minimum was formed at the level of $ 93,398, and the price began a new increase. There was a step above the level of 94,500 dollars. In addition, there was a break over a bearish trend connecting line with a resistance of $ 94,750 in the hourly diagram of the BTC/USD pair.
There was a step above the resistance zone for 96,500 dollars. Bitcoin is now trading above 95,500 US dollars, and 100 hourly simple sliding average. The high was formed at the level of $ 97,650, and the price consolidates the increase higher than the fiber recovery level 23.6% with an increase in high swinging in $ 93,398 to a maximum of $ 97,650.
On the other hand, immediate resistance approaches the level of 97,250 dollars. The first key resistance is located near the level of 97,750 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 benefits can send the price to the level of $ 100,000.
Another decline in BTC?
If Bitcoin does not rise above the resistance zone in the amount of $ 97,750, this may begin another correction of the deficiency. Direct support below is about 96,650 dollars. The first major support is located next to the level of 95,500 US dollars, and the recovery level of 50% in the upward movement from high swing of $ 93,398 to the maximum of $ 97,650.
The next support is now next to the zone for $ 95,000. Any other losses can send a support price in the amount of $ 94,500 in the near future. The main support costs 93,200 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 $ 96,650, followed by $ 95,500.
The main levels of resistance are 97,750 US dollars and $ 98,000.
