Bitcoin Price Signals Strength: Bulls Prepare for the Next Leg Up
Analysis
Price Impact
HighBitcoin has broken above a key resistance level at $100,000 and is showing strong bullish momentum. technical indicators like the macd and rsi are also confirming this upward trend.
Trustworthiness
HighThe price action, coupled with positive technical indicators, suggests a high degree of trustworthiness in the bullish prediction. the break above $100,000 is a significant event.
Price Direction
BullishThe price is currently consolidating gains above $100,000. a sustained move above $102,500 could lead to further gains towards $104,000, $106,000, and potentially $108,500. however, failure to break above $102,000 could trigger a downside correction.
Time Effect
ShortThe analysis focuses on short-term price movements based on recent price action and technical indicator readings. the prediction is for the immediate future.
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Article Content:
Bitcoin price is gaining pace above the $100,000 zone. BTC is rising and might accelerate higher if it clears the $102,000 zone. Bitcoin started a decent increase above the $100,000 zone. The price is trading above $100,500 and the 100 hourly Simple moving average. There was a break above a short-term declining channel with resistance at $99,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase if it stays above the $100,000 support zone. Bitcoin Price Reclaims $100K Bitcoin price started a decent upward move above the $98,000 zone. BTC was able to climb above the $98,500 and $98,800 levels. The bulls were able to push the price above the key barrier at $10,000. The price even cleared $101,500. Besides, there was a break above a short-term declining channel with resistance at $99,400 on the hourly chart of the BTC/USD pair. A high was formed at $102,000 and the price is now consolidating gains and is well above the 23.6% Fib retracement level of the upward move from the $89,115 swing low to the $102,000 high. Bitcoin price is now trading above $100,800 and the 100 hourly Simple moving average . On the upside, immediate resistance is near the $102,000 level. The first key resistance is near the $102,500 level. A clear move above the $102,500 resistance might send the price higher. The next key resistance could be $104,000. Source: BTCUSD on TradingView.com A close above the $104,000 resistance might send the price further higher. In the stated case, the price could rise and test the $106,000 resistance level. Any more gains might send the price toward the $108,500 level. Downside Correction In BTC? If Bitcoin fails to rise above the $102,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $100,500 level. The first major support is near the $100,000 level. The next support is now near the $95,500 zone or the 50% Fib retracement level of the upward move from the $89,115 swing low to the $102,000 high. Any more losses might send the price toward the $93,500 support 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 – $100,500, followed by $100,000. Major Resistance Levels – $102,000 and $102,500.