The post Bitcoin Bulls Aren’t Backing Down: Rally Continues? appeared on BitcoinEthereumNews.com.

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. Source: BTCUSD on TradingView.com 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…

---

Filed under: News - @ November 18, 2024 3:12 am