Bitcoin price is recovering losses from the $91,400 zone. BTC is showing a few positive signs and might gain pace if it clears the $96,000 resistance zone.
- Bitcoin started a fresh recovery from the $91,400 zone.
- The price is trading above $92,500 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support at $94,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it stays above the $93,500 support zone.
Bitcoin Price Starts Recovery
Bitcoin price started a decent upward move above the $92,000 resistance zone. BTC was able to climb above the $93,200 and $93,500 resistance levels.
The price was able to surpass the 50% Fib retracement level of the recent decline from the $96,040 swing high to the $92,588 low. There is also a connecting bullish trend line forming with support at $94,000 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above $94,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $95,250 level. It is near the 76.4% Fib retracement level of the recent decline from the $96,040 swing high to the $92,588 low.
The first key resistance is near the $96,000 level. A clear move above the $96,000 resistance might send the price higher. The next key resistance could be $97,500. A close above the $97,500 resistance might send the price further higher. In the stated case, the price could rise and test the $98,800 resistance level. Any more gains might send the price toward the $99,500 level.
Another Decline In BTC?
If Bitcoin fails to rise above the $96,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $94,000 level and the trend line.
The first major support is near the $93,500 level. The next support is now near the $92,550 zone. Any more losses might send the price toward the $91,200 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 – $94,000, followed by $93,500.
Major Resistance Levels – $95,250 and $96,000.
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