Bitcoin price recovers losses above $95,000 area. BTC is bullish and may continue higher if it clears the $98,000 resistance area.
- Bitcoin has started to recover above the $95,500 area.
- The price is trading above $96,500 and the 100 hourly moving average.
- There is a connecting bullish trend line forming with support at $95,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair can start another rise if it stays above the $95,000 support area.
Bitcoin Price Continues to Recover
Bitcoin price started a decent rise above the $93,200 resistance area. BTC managed to rise above the $94,200 and $95,000 resistance levels.
The price managed to clear several barriers near the $96,500 level. It even went up to more than $97,500. A high was formed at $97,719 and the price is now covering gains above the 23.6% Fib retracement level of the recent rise from the $92,588 low to $97,719 high.
There is also a connecting bullish line forming with support at $95,000 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $95,500 and an hourly moving average of $100 per hour. The trend line is near the 50% Fib retracement level of the recent rise from the $92,588 swing low to the $97,719 high.
On the downside, immediate resistance is near the $97,500 level. The first key resistance is near the $98,000 level. A clear move above the $98,000 resistance could send the price higher.
The next key resistance would be $98,800. A close above the $98,800 resistance could send the price higher. In the mentioned case, the price can rise and test the resistance level of $99,500. Any additional gains could send the price to the $100,000 level.
Another Drop in BTC?
If Bitcoin fails to rise above the $98,000 resistance area, it could start a new downtrend. Immediate support on the downside is near the $96,500 level.
The first major support is near the $95,000 level. The next support is now near the $94,550 area. Another loss could send the price to the $93,200 support in the near term.
Technical indicators:
Hourly MACD – MACD is now gaining momentum in bullish territory.
Hourly RSI (Relative Strength Index) – RSI for BTC/USD is now above the 50 level.
Major Support Levels – $96,500, followed by $95,500.
High Resistance Levels – $97,500 and $98,000.