The Bitcoin price maintains support above the $95,500 area. BTC has risen over 5% and is currently trading above the $100,000 resistance area.
Bitcoin starts a new round of upward movement above $97,500.
The price is currently above $98,800 and the 100-hour simple moving average.
On the hourly chart of the BTC/USD pair (data from Kraken), a key bearish trend line has been broken, with resistance at $97,500.
Before attempting to break through the resistance area at $102,000, the currency pair may correct some of its gains.
Bitcoin price regains strong momentum.
The Bitcoin price forms a bottom and starts a new round of upward movement above the $98,000 area. The price has broken through the levels of $98,800 and $99,200.
During the upward movement, the hourly chart of the BTC/USD pair broke through the key bearish trend line, with resistance at $97,500. The pair even broke through the $100,000 level. The price formed a high at $101,900, and the current price is consolidating its gains.
It is slowly moving downward, approaching the 23.6% Fibonacci retracement level of the recent wave from the low of $94,314 to the high of $101,900. The Bitcoin price is currently trading above $100,000 and the 100-hour simple moving average.
On the upside, the price may face resistance around $101,400. The first key resistance level is around $102,000. If the resistance at $102,000 is clearly broken, the price could rise. The next key resistance level could be $104,000. If the closing price is above the $104,000 resistance level, the price may continue to rise. In this case, the price could rise and test the resistance level at $105,000. If the price continues to rise, it may drop towards $108,000.
BTC down again?
If Bitcoin fails to break through the resistance area at $102,000, it may begin another downward correction. The direct support level on the downside is around $100,000.
The first major support level is around $98,200, which is the 50% Fibonacci retracement level of the recent fluctuation from the low of $94,314 to the high of $101,900. The next support level is now around the $97,250 area. If the price continues to drop, it may fall towards the support level of $95,000 in the short term.
Technical indicators:
Hourly MACD - The MACD is currently accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) - The RSI for BTC/USD is currently above the 50 level.
Major support levels - $100,200, followed by $98,200.
Major resistance levels - $102,000 and $104,000.
