Bitcoin Price Targets Key Breakout: Bulls Eye Upside Momentum

Bitcoin price started a decent increase above the $96,000 level. BTC might continue to rise if it clears the $100,00 resistance zone.

Bitcoin started a decent upward move above the $96,000 zone.
The price is trading above $96,500 and the 100 hourly Simple moving average.
There is a connecting bullish trend line forming with support at $98,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it stays above the $96,000 support zone.

Bitcoin Price Could Regain Momentum

Bitcoin price started a decent upward move above the $95,000 resistance zone. BTC was able to climb above the $96,500 and $97,000 resistance levels.

The pair cleared the $98,000 resistance level and traded close to the $100,000 resistance level. A high was formed at $99,400 and the price is now consolidating gains. There was a test of the 23.6% Fib retracement level of the upward wave from the $92,415 swing low to the $99,400 high.

Bitcoin price is now trading above $96,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $99,200 level. The first key resistance is near the $99,500 level or the recent high. A clear move above the $99,500 resistance might send the price higher. The next key resistance could be $100,000.

A close above the $100,000 resistance might send the price further higher. In the stated case, the price could rise and test the $102,200 resistance level. Any more gains might send the price toward the $103,500 level.

Another Decline In BTC?

If Bitcoin fails to rise above the $100,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $98,200 level and the trend line.

The first major support is near the $96,000 level or the 50% Fib retracement level of the upward wave from the $92,415 swing low to the $99,400 high. The next support is now near the $95,000 zone. Any more losses might send the price toward the $93,200 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 – $97,000, followed by $96,000.

Major Resistance Levels – $99,000 and $100,000.

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