Bitcoin Price Holds Firm—Is a Fresh Bullish Wave About to Start?

[Ben Graham]

Bitcoin price stayed above the $90,000 support zone. BTC is now rising and might soon aim for an upside break above the $94,000 resistance.

• Bitcoin started a downside correction from the $94,500 zone.
• The price is trading above $92,000 and the 100 hourly Simple moving average.
• There is a bearish trend line forming with resistance at $92,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might continue to move up if it settles above the $93,500 zone.

Bitcoin Price Aims Upside Break

Bitcoin price failed to gain strength for a move above the $94,000 and $94,500 levels. BTC started a downside correction and traded below the $92,500 support.

There was a clear move below the 50% Fib retracement level of the upward move from the $87,776 swing low to the $94,582 high. The price even spiked below the $90,000 support. However, the bulls were active near the $89,500 zone.

They prevented a move below the 76.4% Fib retracement level of the upward move from the $87,776 swing low to the $94,582 high. Bitcoin is now trading above $92,000 and the 100 hourly Simple moving average.

If the bulls remain in action, the price could attempt another increase. Immediate resistance is near the $93,000 level. There is also a bearish trend line forming with resistance at $92,950 on the hourly chart of the BTC/USD pair. The first key resistance is near the $93,500 level.

The next resistance could be $94,000. A close above the $94,000 resistance might send the price further higher. In the stated case, the price could rise and test the $94,750 resistance. Any more gains might send the price toward the $95,000 level. The next barrier for the bulls could be $96,000 and $96,500.

Another Decline In BTC?

If Bitcoin fails to rise above the $93,000 resistance zone, it could start another decline. Immediate support is near the $92,000 level. The first major support is near the $91,200 level.

The next support is now near the $90,000 zone. Any more losses might send the price toward the $89,500 support in the near term. The main support sits at $88,000, below which BTC might accelerate lower 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 Levels – $91,200, followed by $90,000.

Major Resistance Levels – $93,000 and $94,000.