Bitcoin price has started to rise well above the $96,000 level. Bitcoin may continue to rise if it crosses the $100,00 resistance area.
- Bitcoin started a good upward movement above the $96,000 area.
- The price is trading above $96,500 and the 100 hourly simple moving average.
- There is a solid uptrend line forming with support at $98,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it remains above the $96,000 support area.
Bitcoin price could regain momentum
Bitcoin price started a good upward movement above the $95,000 resistance area. BTC managed to rise above the $96,500 and $97,000 resistance levels.
The pair crossed the $98,000 resistance level and traded near the $100,000 resistance level. The high was formed at $99,400 and the price is now consolidating its gains. The 23.6% Fibonacci retracement level of the bullish wave was tested from the low of $92,415 to the high of $99,400.
Bitcoin price is now trading above $96,500 and the 100 hourly simple moving average. On the upside, immediate resistance is near the $99,200 level. The first major resistance is near the $99,500 level or the recent high. A clear move above the $99,500 resistance level could send the price higher. The next major resistance could be $100,000.
A close above the $100,000 resistance level could send the price rising further. In the mentioned case, the price may rise and test the $102,200 resistance level. Any further gains could send the price towards the $103,500 level.
Another drop in BTC?
If Bitcoin fails to rise above the $100,000 resistance area, it may continue to move lower. Immediate support on the downside is near the $98,200 level and trend line.
The first major support is near the $96,000 level or the 50% Fibonacci retracement level of the upward wave from the $92,415 swing low to the $99,400 high. The next support is now near the $95,000 area. Any further losses could send the price towards the $93,200 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 – $97,000, followed by $96,000.
Major resistance levels – $99,000 and $100,000.