Bitcoin price is consolidating gains near the $90,000 region. BTC is showing positive signs and could soon head towards a fresh rally above $92,000.
Bitcoin Starts to Rise Again Above $90,000.
The price is trading above the $90,000 level and the 100 hourly simple moving average.
There is a key bullish trend line forming with support at $89,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
This currency pair could gain bullish momentum if it breaks through the resistance zone of $92,600.
The price of Bitcoin is heading towards another ATH.
The price of Bitcoin has started a short-term downward adjustment below the level of $90,000. BTC is trading below $88,000 before finding support.
The low was formed at $86,621 and the price is currently recovering higher. There is a move above $90,000. The high was formed at $92,607 and the price is currently consolidating. It is trading near the 23.6% Fib retracement level of the upward move from the swing low of $86,621 to the high of $92,607.
The price of Bitcoin is currently trading above $90,000 and the simple 100-hour moving average. Additionally, there is an important bullish trend line forming with support at $89,600 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the low of $86,621 to the high of $92,607.
On the positive side, the price could face resistance near the level of $92,000. The first important resistance is near $92,500. A clear move above the resistance of $92,500 could push the price higher. The next important resistance could be at $93,200.
A close above the resistance level of $93,200 could initiate further bullish waves. In that case, the price could rise and test the resistance level of $95,000. Any further bullish move could push the price towards the resistance of $98,000.
Another drop for BTC?
If Bitcoin does not break through the resistance zone of $92,000, it may start to correct downwards. Immediate support at the drop is near $90,000.
The first major support level is near $89,650. The next support is currently near the $88,000 region. Any further losses could push the price down to the support of $86,500 in the near future.
Technical indicators:
Hourly MACD – The MACD is currently slowing down in the bearish zone.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is currently above 50.
Major support level – $89,650, followed by $88,000.
Major resistance levels – $92,000 and $92,500.
