The price of the Bitcoin wave began to recover over the 94,500 dollar area. BTC rises within a range and may review the 98,000 dollar resistance area.
- Bitcoin has started a decent recovery wave over a $ 95500 area.
- The price is traded above 96,000 dollars and a simple moving average 100 hours.
- There was a break over the main dumping line with resistance at 96,700 dollars on the watch chart for the BTC/USD (data feeding from Kraken).
- The husband can start another increase if she remains over the area 96,000 dollars.
Bitcoin price recovery losses
Bitcoin price shaped a base higher than the level of 93500 dollars and the recovery wave began. BTC managed to exceed the resistance level of $ 94,000 and $ 94200.
There was a higher step from the level of FIB re -declining by 50 % of the transition to the bottom of the 98,825 dollar swing to a decrease of 93,288 dollars. Moreover, there was a break over the main dumping line with resistance at 96,700 dollars on the watch chart for the BTC/USD pair.
The husband exceeded the level of 96,500 dollars and is now facing obstacles near the area of 96,800 dollars. Bitcoin price is now trading above 96200 dollars and average simple movement 100 hours.
On the upper side, the immediate resistance is approaching the level of 96,800 dollars or the level of FIB’s retreat by 61.8 % of the transition to the bottom from an increase of 98,825 dollars to a level less than 93,288 dollars. The first main resistance is located near the level of 97,200 dollars. The following main resistance can be $ 98,000.
The closure above the resistance of $ 98,000 may send the price up. In the specified case, the price and the resistance level test may rise 98,800 dollars. Any other gains may send the price about 99,500 dollars or even 100,000 dollars.
Another decrease in BTC?
If Bitcoin fails to rise above the 97,000 dollar resistance area, it may start a new decrease. Immediate support on the negative side is near the level of $ 96100. The first main support is near the level of $ 96,000.
The next support is now near 95,500 dollars. Any other losses may send the price to support 94200 dollars in the short term. The main support sits at $ 93,400.
Technical indicators:
MACD every hour – MACD is now acquired in the upscale area.
RSI clock (RSI) RSI for BTC/USD now higher than 50 level.
Main support levels – $ 96,100, followed by $ 96,000.
Main resistance levels – $ 97,000 and $ 98,000.
