Bitcoin worth is recovering losses above the $98,000 zone. BTC is gaining tempo and may proceed larger if it clears the $100,000 resistance zone.
- Bitcoin began a recent restoration above the $97,500 zone.
- The worth is buying and selling above $97,800 and the 100 hourly Simple shifting common.
- There is a connecting bullish development line forming with assist at $97,800 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may begin one other improve if it stays above the $97,500 assist zone.
Bitcoin Price Recovers Further
Bitcoin worth began a respectable upward transfer above the $95,500 resistance zone. BTC was capable of climb above the $96,200 and $97,000 resistance ranges.
The worth was capable of clear many hurdles close to the $98,500 stage. It even spiked above $99,500. A excessive was shaped at $99.739 and the worth is now consolidating gains above the 23.6% Fib retracement stage of the current upward transfer from the $97,250 swing low to the $99,793 excessive.
There can also be a connecting bullish development line forming with assist at $97,800 on the hourly chart of the BTC/USD pair. Bitcoin worth is now buying and selling above $97,500 and the 100 hourly Simple shifting common. The development line is close to the 76.4% Fib retracement stage of the current upward transfer from the $97,250 swing low to the $99,793 excessive.
On the upside, fast resistance is close to the $99,800 stage. The first key resistance is close to the $100,000 stage. A transparent transfer above the $100,000 resistance may ship the worth larger.
The subsequent key resistance might be $102,500. A detailed above the $102,500 resistance may ship the worth additional larger. In the said case, the worth may rise and check the $105,00 resistance stage. Any extra features may ship the worth towards the $108,000 stage.
Another Drop In BTC?
If Bitcoin fails to rise above the $100,000 resistance zone, it may begin a recent decline. Immediate assist on the draw back is close to the $98,500 stage.
The first main assist is close to the $97,800 stage. The subsequent assist is now close to the $96,550 zone. Any extra losses may ship the worth towards the $95,000 assist 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 – $98,500, adopted by $96,550.
Major Resistance Levels – $99,800 and $100,000.
