Bitcoin prices have begun a new increase beyond the $96,500 zone. BTC is rising and could be aiming to move towards a $100,000 resistance.
- Bitcoin has begun a decent increase beyond its $96,500 resistance zone.
- The price is trading above $96,500, and is a simple moving average of 100 hours.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), there was a $97,200 break above the bearish trend line of connections with resistance.
- Clearing the $98,800 zone could cause the pair to start another increase.
Bitcoin Price regains traction
Bitcoin prices have begun a new increase from the $93,500 support zone. The BTC formed the base and managed to clear the $95,000 resistance zone. The Bulls have pushed up prices above $96,500.
On the hourly chart of the BTC/USD pair, there was a $97,200 break above the bearish trend line of connections with resistance. The pair tested over $98,000 and cost $98,300. The high was formed at $98,292, and the price currently combines profits above the 23.6% FIB retracement level of upward movement to a low swing of $95,824.
Bitcoin is currently trading above $97,500, a simple moving average every 100 hours. The advantage is that immediate resistance is close to the $98,250 level. The first important resistance is close to the $98,500 level.
The next important resistance is $98,800. Over $98,800 resistance could lead to even higher prices. If stated, the price could rise and test resistance levels of $99,500. Any further profit could potentially send the price towards the $100,000 level.
Another reduction in BTC?
If Bitcoin does not rise beyond the $98,250 resistance zone, it could begin another shortcoming correction. Instant support on the downside is close to the $97,700 level. The initial major support is close to the $97,000 level, with a 50% FIB retracement level upwards from Swing Low of $95,824 to $98,292.
The following support is located near the $96,400 zone: Any further losses could send the price to $95,500 in the short term. The main support is $94,200.
Technical indicators:
HOURLY MACD – MACD is currently increasing its pace in the bullish zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is above 50 levels.
Key support levels – $97,000, then $96,400.
Major resistance levels – $98,250 and $98,800.