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Bitcoin price is recovering from its losses from the $91,400 area. BTC is showing some positive signs and may gain momentum if it crosses the $96,000 resistance area.
- Bitcoin started a new recovery from the $91,400 area.
- The price is trading above $92,500 and the 100 hourly simple moving average.
- There is a solid uptrend 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 remains above the $93,500 support area.
Bitcoin price starts to recover
Bitcoin price started a good upward movement above the $92,000 resistance area. BTC managed to rise above the $93,200 and $93,500 resistance levels.
The price managed to clear the 50% Fibonacci retracement level of the recent decline from the high of $96,040 to the low of $92,588. There is also a solid uptrend 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 close to the 76.4% Fib retracement level of the recent decline from the high of $96,040 to the low of $92,588.
The first major resistance is near the $96,000 level. A clear move above the $96,000 resistance level could send the price higher. The next major resistance could be $97,500. A close above the $97,500 resistance could push the price higher. In the mentioned case, the price may rise and test the resistance level of $98,800. Any further gains could send the price towards the $99,500 level.
Another drop in BTC?
If Bitcoin fails to rise above the $96,000 resistance area, it could start a new decline. Immediate support on the downside is near the $94,000 level and trend line.
The first major support is near the $93,500 level. The next support is now near the $92,550 area. Any further losses could send the price towards the $91,200 support level in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key Support Levels – $94,000, followed by $93,500.
Major resistance levels – $95,250 and $96,000.