$BTC $USD $KRAKEN
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Bitcoin’s trading trajectory has shown a noticeable upswing, surpassing the $93,200 boundary with a consolidative demeanor suggesting potential for further uplift. This recent propulsion is underpinned by a robust ascent from prior resistance levels at $91,500 and $92,500, painting a bullish tapestry over the short-term economic landscape. The pivotal stance above both the $91,500 mark and the crucial 100 hourly Simple Moving Average (SMA) underscores the digital currency’s strength. The formation of a bullish trend line with support earmarked at $92,000 on the BTC/USD hourly chart, documented from Kraken, further embroiders the positive outlook. A potential breach above the $94,650 horizon could signify a forthcoming upward momentum.
The stabilization of Bitcoin above the $88,000 threshold set the stage for a potent rally, vaulting over significant barriers at $90,000 and $91,500, culminating in a test of the $94,650 resistance. This pivot signals an intriguing consolidation phase post a commendable ascent, with the slightest retracement below the 23.6% Fibonacci retracement level from the swing low of $86,400 to a high of $94,635. Currently, Bitcoin’s trade above the $92,500 level and the 100 hourly SMA, tethered alongside a bullish trend line on the hourly chart, proposes a bullish sentiment. The imminent resistance levels lie near $94,000 and $94,650, whose conquest could potentially pilot the price toward higher echelons, specifically the $95,500 and $96,200 markers.
Conversely, a failure to eclipse the $94,000 resistance could catalyze a corrective phase. Immediate support looms around $93,000, with the successive major floor positioned at $92,000, supplemented by the trend line. Further support aligns with the $90,500 vicinity, marrying the trend line and the 50% Fibonacci retracement level of the recent upswing. A deeper pullback could gravitate toward the $90,000 juncture, underscoring $88,800 as a pivotal support.
Technically, the dampening momentum in the Hourly MACD suggests a potential deceleration within the bullish zone, warranting vigilance. Meanwhile, the Hourly Relative Strength Index (RSI) buoyantly perches above the 50 level, advocating for the bullish thesis. As Major Support Levels crystallize around $93,000 and $92,000, the Major Resistance Levels at $94,000 and $94,650 represent critical thresholds. Navigating these waters requires cognizance of upcoming technical signals and market sentiment, integral for strategizing in the dynamic realm of cryptocurrency trading.
