Bitcoin Price Attempts a Comeback: Can the Recovery Hold?

Bitcoin price consolidates above the $ 95,500 support zone. BTC shows a few positive signs and can try a recovery if it knew $ 100,000.

• Bitcoin started a new fall below the level of $ 100,000.
• The price acts under $ 99,000 and the simple simple advancing average of 100 hours.
• There is a connecting Bearish trend line that forms with resistance to $ 98,000 on the hour table of the BTC/USD pair (data feed from Kraken).
• The couple could start another increase if it knew the $ 100,000 zone.

Bitcoin price has support

Bitcoin price cannot be higher above $ 102,500 zone. It started a decline under the $ 99,000 zone. BTC received a bearish Momentum for a movement below the level of $ 98,500 and $ 96,500.

A layer was formed at $ 95,700 and the price recently started a consolidation phase. There was a small increase above the level of $ 97,000. The price exceeded the 23.6% FIB retracement level of the downward movement of the $ 102,500 Swing high to $ 95,700 low.

Bitcoin price is now traded under $ 98,500 and the 100 simple advancing average per hour. Moreover, immediate resistance is near the $ 98,000 level. There is also a connecting Bearish trend line that forms with resistance to $ 98,000 on the hour table of the BTC/USD pair.

The first key resistance is near the level of $ 99,100 or the 50% FIB retracement level of the downward movement of the $ 102,500 swing high to $ 95,700 low. The next key resistance can be $ 100,000. A close -up resistance of $ 100,000 can further send the price.

In the case mentioned, the price could rise and the resistance level of $ 101,200 tests. More profits can send the price to the level of $ 102,500.

Another decline in BTC?

If Bitcoin does not rise above the $ 98,000 resistance zone, this can start a new decline. Immediate support on the disadvantage is near the level of $ 96,200. The first major support is near the level of $ 95,500.

The next support is now near the $ 93,200 zone. More losses can send the price in the short term to the support of $ 92,200. The most important support is $ 90,900.

Technical indicators:

MACD per hour – the MACD now loses pace in the Bearish zone.

Picly RSI (relative strength – index) – The RSI for BTC/USD is now near the level of 50.

Important support levels – $ 96,200, followed by $ 95,500.

Important resistance levels – $ 98,000 and $ 100,000.