Aayush Jindal
Key Highlights
- Bitcoin started a recovery wave above $88,000 and $90,000.
- BTC/USD is trading inside a key contracting triangle with resistance at $93,000 on the 4-hour chart.
- Ethereum also started a decent increase above $3,050.
- XRP price is struggling to settle above the $2.20 resistance.
Bitcoin Price Technical Analysis
Bitcoin price found support near $83,800 and started a recovery wave against the US Dollar. BTC climbed above $88,000 and $90,000 to enter a short-term positive zone.
Looking at the 4-hour chart, the price even surpassed $92,000 before it faced sellers near $94,200. Recently, there was a pullback below $92,000, and the 50% Fib retracement level of the recovery wave from the $83,777 swing low to the $94,175 high.
However, the bulls are active near $88,000, the 100 simple moving average (red, 4-hour), and the 61.8% Fib retracement. On the upside, BTC is facing resistance near $93,000 and the 200 simple moving average (green, 4-hour). There is also a key contracting triangle with resistance at $93,000 on the same chart.
A successful close above $93,000 might start another steady increase. In the stated case, the price may perhaps rise toward the $95,500 level. Any more gains might call for a test of $97,000.
Immediate support sits at $90,000. A downside break below $90,000 might start another decline. The next major support is $88,000. Any more losses might call for an extended decline toward the $86,500 support zone.
Looking at Ethereum, the price was able to follow Bitcoin and climbed above the $3,120 resistance region.
Today’s Key Economic Releases
- US ADP Employment Change 4-week average - Forecast 5K, versus -13.5K previous.
