Bitcoin Bulls Aren’t Backing Down: Rally Continues?

Aayush Jindal

9 months ago

2 mins read

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Bitcoin price saw a short-term correction below the $90,000 zone. BTC is now again rising and the bulls could now aim for a move above $94,000.

Bitcoin started a fresh increase from the $86,600 zone.
The price is trading above $88,000 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $91,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain bullish momentum if it clears the $91,000 resistance zone.

Bitcoin Price Aims Higher

Bitcoin price started a short-term downside correction below the $90,000 level. BTC traded below the $88,000 level before the bulls appeared.

A low was formed at $86,622 and the price is now recovering higher. There was a move above the $90,000 level. A high was formed at $91,839 and the price is now consolidating. It tested the 50% Fib retracement level of the upward move from the $86,621 swing low to the $91,839 high.

Bitcoin price is now trading above $88,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $91,000 level. There is also a connecting bearish trend line forming with resistance at $91,000 on the hourly chart of the BTC/USD pair.

The first key resistance is near the $91,850 level. A clear move above the $91,850 resistance might send the price higher. The next key resistance could be $92,500.

A close above the $92,500 resistance might initiate more gains. In the stated case, the price could rise and test the $93,450 resistance level. Any more gains might send the price toward the $95,000 resistance level.

Another Decline In BTC?

If Bitcoin fails to rise above the $91,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $89,250 level.

The first major support is near the $87,850 level or the 76.4% Fib retracement level of the upward move from the $86,621 swing low to the $91,839 high. The next support is now near the $86,620 zone. Any more losses might send the price toward the $83,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $89,250, followed by $87,850.

Major Resistance Levels – $91,000, and $92,500.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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