Bitcoin worth is consolidating under the $100,000 resistance. BTC bulls would possibly quickly try and breach the acknowledged milestone and push the worth additional larger.
- Bitcoin began a recent enhance above the $96,500 zone.
- The worth is buying and selling under $98,000 and the 100 hourly Simple shifting common.
- There is a connecting bearish development line forming with resistance at $98,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may proceed to rise if it clears the $98,000 resistance zone.
Bitcoin Price Eyes More Upsides
Bitcoin worth remained supported above the $92,500 stage. BTC shaped a base and began a recent enhance above the $96,000 stage. It cleared the $97,500 stage and traded to a brand new excessive at $99,650 earlier than there was a pullback.
There was a transfer under the $98,000 stage. A low was shaped at $95,973 and the worth is now rising. There was a transfer above the $96,800 resistance stage. The worth cleared the 50% Fib retracement stage of the downward transfer from the $99,650 swing excessive to the $95,973 low.
Bitcoin worth is now buying and selling under $98,000 and the 100 hourly Simple moving average. On the upside, the worth may face resistance close to the $98,000 stage. There can also be a connecting bearish development line forming with resistance at $98,000 on the hourly chart of the BTC/USD pair. The development line is near the 61.8% Fib retracement stage of the downward transfer from the $99,650 swing excessive to the $95,973 low.
The first key resistance is close to the $99,000 stage. A transparent transfer above the $99,000 resistance would possibly ship the worth larger. The subsequent key resistance could possibly be $100,000.
A detailed above the $100,000 resistance would possibly provoke extra positive factors. In the acknowledged case, the worth may rise and take a look at the $102,500 resistance stage. Any extra positive factors would possibly ship the worth towards the $105,000 stage.
Downside Correction In BTC?
If Bitcoin fails to rise above the $98,000 resistance zone, it may begin a draw back correction. Immediate help on the draw back is close to the $96,800 stage.
The first main help is close to the $95,750 stage. The subsequent help is now close to the $95,000 zone. Any extra losses would possibly ship the worth towards the $92,000 help in the close to time period.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.
Major Support Levels – $96,800, adopted by $95,000.
Major Resistance Levels – $98,000, and $100,000.
