Bitcoin is correcting its gains under the resistance of $96,500. BTC has fallen below $95,000, and could face obstacles near the $95,750 barrier.
- Bitcoin began a downward correction after it fell below the $98,880 area.
- Price is below the Simple Moving Average of 100 hours and $96,000.
- On the hourly chart for the BTC/USD, there was a breakout above the short-term trendline with resistance of $94,200 (data from Kraken).
- If the pair clears $95,750, it could begin another rise.
Bitcoin price corrects gains
Bitcoin Price Struggles extend gains Above the levels of $98,800 or $99,000. BTC has started to correct downwards below $97,000 and 96,000. It even dropped below $95,000.
Price is rising now after forming a new low at $92,550. A move was made above the $93,800 level. The price broke the 23.6% Fib Retracement Level of the downward movement from the $98,880 high swing to the $92,550 bottom.
On the hourly BTC/USD chart, the price of bitcoin is now trading below $96,000 and the resistance level at $94,200. Bitcoin is currently trading at a price below $96,000. 100 hourly Simple moving average.
Price could be facing resistance at the level of $95,200. First, the price is likely to face resistance near $95,750. The price is near the Fib 50% retracement of the decline from the swing high $98,880 to the low $92,550.
Price could move higher if the market clears $95,750. Next key resistance might be $95,350. The price could rise if it closes over the $97350 resistance. Price could test resistance at $98,880 in the case stated. Any further gains could send the price towards the $100,000 level.
BTC – Another Drop?
Bitcoin could begin a new downward correction if it fails to break through the resistance zone of $95,750. Support for the immediate downside lies near $93,800.
First major support nears $92,500. Now, the next major support zone is near $92,500. If the market continues to fall, it could soon reach the support of $88,000.
The following are 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 below the 50 level.
Major Support Levels – $93,800, followed by $92,500.
Major Resistance Levels – $95,750, and $97,350.
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Source: www.newsbtc.com
