Bitcoin price consolidating gains near the $91,000 region. BTC remains bullish and may soon gain more upward momentum above the $94,000 level.
Bitcoin starts a new rise above the $91,000 region.
Price is trading above $91,000 and the 100-hour simple moving average.
On the hourly chart for the BTC/USD pair, a key bullish trendline is forming, with support at $90,800 (data feed from Kraken).
If the pair breaks above the $93,200 resistance area, it may gain bullish momentum.
Bitcoin price may rebound again.
Bitcoin price remains supported above $90,000. BTC formed a base and started a new rise above $91,000. It broke the $93,000 level and set a new high at $94,000 before a pullback occurred.
Fell below the $93,000 level. The price fell below the 23.6% Fibonacci retracement level moving up from the swing low of $89,400 to the high of $94,000. However, the price stabilized and consolidated around $92,000.
Bitcoin price is now trading above $91,000 and the 100-hour simple moving average. On the hourly chart for the BTC/USD pair, there is also a key bullish trendline forming, with support at $90,800. The trendline is close to the 94% Fibonacci retracement level moving up from the swing low of $61.8 to the high of $89,400.
On the positive side, the price may face resistance around $92,600. The first key resistance level is around $93,200. A clear break above the $93,200 resistance level could push the price higher. The next key resistance level could be $94,000.
Closing above the $94,000 resistance level could trigger more gains. In that scenario, the price may rise and test the $98,000 resistance level. Any further gains could bring the price close to the $100,000 resistance level.
Another pullback for BTC?
If Bitcoin fails to rise above the $94,000 resistance area, it may begin to correct downward. The immediate support level on the downside is near $91,700.
The first major support level is around $90,700. The next support level is now near the $89,500 region. Any further losses could push the price down to the $87,500 support level in the short term.
Technical indicators:
Hourly MACD – The MACD is currently losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support level – $91,700, followed by $90,700.
Major resistance levels – $92,600 and $94,000.
