Bitcoin continued to trade below $88,500. BTC has been consolidating its losses, and could attempt to recover if it breaks $88,500.
- Bitcoin began a small recovery from $86,000.
- Price is below the Simple Moving Average of 100 hours and $88,200.
- A new trend line is developing with resistance around $88,000 in the BTC/USD hourly chart (data feed by Kraken).
- It is possible that the pair will recover if they are able to reach a settlement above $86,200 or $86,000.
Bitcoin price continues to fall
Price of bitcoin failed to hold above support at $89,000. losses. BTC fell sharply under the support levels of $88,500 and 87,000.
Even below $86,500, the bears pushed down the price. The price has now attempted to recover from the low formed at $86,007 and is currently attempting a new recovery wave. The price moved above the level of 23.6% fib retracement for the move downward from the $91,099 swing low to the $86,007 bottom.
Bitcoin has fallen below the $88,500 mark. 100 hourly Simple moving average. The price could increase if it remains above $86,500. Near the $88,000 mark, there is immediate resistance. On the hourly BTC/USD chart, a bearish trendline is also developing with resistance near $88,000.
First key resistance near $88,500 since it’s close to 50% Fib level of downward movement from $91,099 swing low to $86,007 high.
Price could rise if the resistance of $88,500 is breached. Price could test $89200 and rise further in this case. Price could rise to $90,000 if it gains more. Bulls may face a next hurdle between $91,000 and $91,500.
BTC Losses Increased?
Bitcoin could begin a new decline if it fails to break through the resistance level of $88,500. The immediate support level is around the $86,700-level. First major support nears the $86,200 mark.
In the near term, any further losses could send the price towards support at $83,500. Price could drop to $83,500 in near-term if there are any more losses. BTC’s main support is $82,500. Below this level, BTC will struggle to recover.
Indicators of technical indicators
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $86,700, followed by $86,000.
Major Resistance Levels – $88,500 and $89,200.
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Source: www.newsbtc.com
