Bitcoin price continues to find support above the $95,500 zone. BTC has risen over 5% and is currently trading above the $100,00 resistance zone.
Bitcoin has started a new rally above the $97,500 zone. The price is trading above $98,800 and the 100-hour simple moving average. On the hourly chart of the BTC/USD pair (data feed from Kraken), the pair broke above the major bearish trend line with resistance at $97,500. The pair is likely to correct some gains before attempting to break above the $102,000 resistance zone.
Bitcoin price regains strength
Bitcoin price has formed a base and started a new rally above the $98,000 zone. There was a move above the $98,800 and $99,200 levels.
During the uptrend, the BTC/USD pair broke above the major bearish trend line with resistance at $97,500 on the hourly chart. The pair also cleared the $100,000 level. A high was formed at $101,900 and the price is currently consolidating its upside.
From the swing low of $94,314 to the high of $101,900, there is a slow decline towards the 23.6% Fib retracement level of the recent wave. Bitcoin price is currently trading above $100,000 and the 100 hourly simple moving average.
On the upside, the price may face resistance near the $101,400 level. The first major resistance level is near the $102,000 level. A clear break above the $102,000 resistance could push the price higher. The next major resistance level could be at $104,000. If the price closes above the $104,000 resistance, the price could move higher. In the above case, the price may rise and test the $105,000 resistance level. Any further rise could push the price closer to the $108,000 level.
Will BTC fall again?
If Bitcoin fails to rise above the $102,000 resistance zone, another downside correction could begin. 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 swing low of $94,314 to the high of $101,900. The next support is currently located near the $97,250 zone. Any further losses could send the price towards the $95,000 support in the short term.
Technical indicators:
Hourly MACD – The MACD is currently pacing in the bullish zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is currently above the 50 level.
Major support level – $100,200, then $98,200.
Key resistance levels – $102,000 and $104,000.
