Bitcoin prices consolidate profits beyond the $94,000 zone. BTC is rising again, potentially aiming to move beyond the $95,500 resistance zone.
- Bitcoin remained supported beyond the $93,850 zone.
- The price is traded above $94,100, and is a simple moving average every 100 hours.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), there was a break below the bullish trendline connecting with $94,850 support.
- Clearing the $95,500 zone could cause the pair to start another increase.
Bitcoin Price Eyes Fresh Surge
Bitcoin prices have begun a short-term downside correction from the $95,500 resistance zone. BTC fell below the support levels of $95,000 and $94,500.
There was a move below the 50% FIB retracement level of an upward movement from a $92,900 swing to $95,488. Plus, there was a break down below the bullish trendline connecting with the BTC/USD pair hourly wage chart with support at $94,850.
However, the Bulls were active near the 61.8% FIB retracement level of support of $93,850 and an upward movement of $92,900 swing low of $95,488.
Bitcoin prices are currently trading above $94,500, with a simple moving average every 100 hours. The advantage is that immediate resistance is close to the $95,000 level. The first important resistance is close to the $95,250 level. The next important resistance is $95,500.
Over $95,500 resistance could lead to even higher prices. If stated, the price could rise and test resistance levels of $96,500. Any further profit could potentially send the price towards the $98,000 level.
Another reduction in BTC?
If Bitcoin does not rise beyond the $95,500 resistance zone, it may begin another shortcoming correction. Instant support on the downside is close to the $94,500 level. The initial main support is close to the $93,850 level.
The following support is located near the $93,500 zone: Any further losses could send the price to $92,500 in the short term. The main support is $91,200.
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 – $94,500, then $93,850.
Major resistance levels – $95,250 and $95,500.
