Bitcoin price is recovering above the $95,000 level. BTC is showing positive signs and aims for a new surge above the $98,000 level.
- Bitcoin started a new surge above the $95,000 area.
- The price is trading above $95,500 and the 100 hourly simple moving average.
- There was a break above a short-term contracting triangle with resistance at $95,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain upward momentum if it crosses the $97,000 resistance area.
Bitcoin price is looking forward to further increases
Bitcoin price remained stable above the $93,500 area. BTC formed a base and started a new rise above the $94,500 resistance area. The bulls managed to push the price above the $95,500 resistance area.
There was a break above a short-term contracting triangle with resistance at $95,500 on the hourly chart of the BTC/USD pair. The pair rose above the 61.8% Fibonacci retracement level of the downward wave from the high of $98,880 to the low of $90,735.
Bitcoin price is now trading above $95,500 and the 100 hourly simple moving average. On the upside, the price may face resistance near the $97,000 level. It is close to the 76.4% Fib retracement level of the downward wave from the high of $98,880 to the low of $90,735.
The first major resistance is near the $98,500 level. A clear move above the $98,500 resistance level could send the price higher. The next major resistance could be $98,800. A close above the $98,800 resistance could lead to further gains. In the mentioned case, the price may rise and test the $100,000 resistance level. Any further gains could send the price towards the $102,000 level.
Another drop in BTC?
If Bitcoin fails to rise above the $97,000 resistance area, it could start another bearish correction. Immediate support on the downside is near the $95,500 level.
The first major support is near the $94,500 level. The next support is now located near the $93,200 area. Any further losses could send the price towards the $91,500 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 – $95,500, followed by $94,500.
Major resistance levels – $97,000 and $98,800.