Bitcoin price is consolidating below the $100,000 resistance level. BTC bulls may soon try to break out of the established milestone and push the price further up.
Bitcoin started a fresh increase above the $96,500 area.
The price is trading below $98,000 and the 100 hourly simple moving average.
There is a connecting bearish trend line forming with resistance at $98,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to continue rising if it breaks above the $98,000 resistance area.
Bitcoin price eyes more upside
Bitcoin price remains supported above $92,500. BTC formed a base and started a fresh increase above $96,000. It broke the $97,500 level and traded to a new high at $99,650 before a correction.
There was a break below the $98,000 level. A low was formed at $95,973 and the price is now rising. There was a break above the $96,800 resistance level. The price cleared the 99,650% Fib retracement level of the downward move from the $50 swing high to $95,973 low.
Bitcoin price is now trading below $98,000 and the 100 hourly simple moving average. On the upside, the price is likely to face resistance near $98,000. There is also a connecting bearish trend line forming with resistance at $98,000 on the hourly chart of the BTC/USD pair. The trend line is close to the 61.8% Fib retracement level of the downward move from the $99,650 swing high to $95,973 low.
The first key resistance is near the $99,000 level. A clear break above the $99,000 resistance level is likely to carry the price higher. The next key resistance could be $100,000.
A close above the $100,000 resistance could trigger more gains. In the stated case, the price could rise and test the $102,500 resistance. Any more gains could potentially carry the price close to the $105,000 level.
Downside correction for BTC?
If bitcoin fails to rise above the $98,000 resistance area, it could start a downside correction. An immediate support on the downside is near $96,800.
The first major support is near the $95,750 level. The next support is now near the $95,000 area. Any more losses could potentially sink the price to the $92,000 support level in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Level – $96,800 followed by $95,000.
Major Resistance Levels – $98,000 and $100,000.