Bitcoin price started a decent rise above the $96,000 level. BTC may continue to rise if it clears the $100.00 resistance area.
- Bitcoin started a nice rise above the $96,000 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 $98,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair can start another rise if it stays above the $96,000 support area.
Bitcoin Price May Gain Momentum Again
Bitcoin price started a decent rise above the $95,000 resistance area. BTC managed to rise above the $96,500 and $97,000 resistance levels.
The pair cleared the $98,000 resistance level and traded near the $100,000 resistance level. The top is built for $99,400 and the price now includes benefits. There was a test of the 23.6% Fib retracement level of the rising wave from the $92,415 swing low to the $99,400 swing high.
Bitcoin price is now trading above $96,500 and a moving average of 100 per hour. On the other hand, immediate resistance is near the $99,200 level. The first key resistance is near the $99,500 level or the recent high. A clear move above the $99,500 resistance could send the price higher. The next key resistance would be $100,000.
A close above the $100,000 resistance could send the price higher. In the mentioned case, the price can rise and test the resistance level of $102,200. Any further gains could send the price to the $103,500 level.
Another Decline in BTC?
If Bitcoin fails to rise above the $100,000 resistance area, it could continue to decline. Immediate support on the downside is near the $98,200 level and the trend line.
The first major support is near the $96,000 level or the 50% Fib retracement level of the rising wave from the $92,415 swing low to the $99,400 high. The next support is now near the $95,000 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 – $97,000, followed by $96,000.
Large Objection Levels – $99,000 and $100,000.
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