Bitcoin price is moving higher above the $93,200 zone. BTC is consolidating gains and might continue higher above the $94,000 zone in the near term.
Bitcoin started a decent upward move above the $91,500 and $92,500 levels.
The price is trading above $91,500 and the 100 hourly Simple moving average.
There is a connecting bullish trend line forming with support at $92,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it clears the $94,650 zone.
Bitcoin Price Consolidates Gains
Bitcoin price remained stable above the $88,000 level and started a fresh increase. BTC was able to climb above the $90,000 and $91,500 resistance levels.
The bulls were able to pump the price above the $92,500 resistance. It even spiked and tested the $94,650 resistance zone. A high was formed near $94,635 and the price recently consolidated gains. There was a minor decline below the 23.6% Fib retracement level of the upward move from the $86,400 swing low to the $94,635 high.
Bitcoin price is now trading above $92,500 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $92,000 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is near the $94,000 level. The first key resistance is near the $94,200 level. The next key resistance could be $94,650. A close above the $94,650 resistance might send the price further higher. In the stated case, the price could rise and test the $95,500 resistance level. Any more gains might send the price toward the $96,200 level.
Downside Correction In BTC?
If Bitcoin fails to rise above the $94,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $93,000 level. The first major support is near the $92,000 level and the trend line.
The next support is now near the $90,500 zone, the trend line, and the 50% Fib retracement level of the upward move from the $86,400 swing low to the $94,635 high. Any more losses might send the price toward the $90,000 support in the near term. The main support sits at $88,800.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $93,000, followed by $92,000.
Major Resistance Levels – $94,000 and $94,650.
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
