Bitcoin Price Stays Pinned Above Support, Setting Up a Bigger Move

[Ben Graham]

Bitcoin price started a consolidation phase below $92,000. BTC is holding the $89,500 support and might attempt to start a fresh increase.

• Bitcoin started a recovery wave above $90,000 and $90,500.
• The price is trading above $91,000 and the 100 hourly Simple moving average.
• There is a bullish trend line forming with support at $90,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might continue to move up if it stays above the $90,000 zone.

Bitcoin Price Stays In A Range

Bitcoin price managed to stay above the $89,500 support and started a minor recovery wave. BTC was able to settle above $90,000 and $90,500.

The bulls were able to push the price above $91,500, and the 23.6% Fib retracement level of the downward move from the $93,770 swing high to the $89,225 low. However, the price seems to be facing a major hurdle near the $92,000 level.

The 50% Fib retracement level of the downward move from the $93,770 swing high to the $89,225 low is acting as a resistance. Besides, there is a bullish trend line forming with support at $90,650 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading above $91,000 and the 100 hourly Simple moving average. If the price remains stable above $90,500, it could attempt a fresh increase. Immediate resistance is near the $92,000 level. The first key resistance is near the $92,800 level.

The next resistance could be $93,450. A close above the $93,450 resistance might send the price further higher. In the stated case, the price could rise and test the $94,000 resistance. Any more gains might send the price toward the $94,500 level. The next barrier for the bulls could be $95,000 and $95,500.

Another Drop In BTC?

If Bitcoin fails to rise above the $92,000 resistance zone, it could start another decline. Immediate support is near the $91,000 level. The first major support is near the $90,650 level and the trend line.

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 $89,250, below which BTC might accelerate lower in the near term.

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 near the 50 level.

Major Support Levels – $91,000, followed by $90,650.

Major Resistance Levels – $92,000 and $92,800.