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Bitcoin’s price began a downward correction after it reached the zone of $97,800. BTC has fallen below $95,000, and is testing support at $93,500.
- Bitcoin continued to be supported at levels above $94,500.
- Price is below the Simple Moving Average of 100 hours and $96,000.
- The hourly chart for the BTC/USD pairs shows a connective bearish trendline with resistance around $95,250. (Data feed from Kraken).
- A second increase could be initiated if the pair passes $95,750.
Bitcoin Price Drops To Support
The Bitcoin price has started to rise. downside correction After it failed to overcome the resistance of $98,000. BTC fell below support levels of $96,500 & $95,500.
They even took it down to $95,000. The price has now begun to try and recover from the low formed at $93,570. The price moved above $94,000 and towards the Fib 23.6% retracement of the recent drop from the swing high at $97,885 to the low at $93,570.
Bitcoin is currently trading at a price below $96,000. 100 hourly Simple moving average. The immediate resistance on the upside is located near $94,500. Near the $95,250 mark, we find our first major resistance. On the hourly BTC/USD chart, there is also a bearish trendline connecting resistance at $95,250.
The $95,750 level and 50% Fib Retracement Level of recent fall from swing high $97,885 to low $93,570 could represent the next major resistance. The price could rise further if the resistance level of $95,750 is breached. Price could test resistance at $96,800 in this case. If the price continues to rise, it could reach the $98,000 resistance level.
BTC: Another drop in the BTC price?
Bitcoin could begin a new downward correction if it fails to break through the resistance zone of $95,250. Near the $94,000 mark, there is immediate support for the downside. Near the $93,500 support level, we find our first significant support.
Near the current support level of $93,200, we can expect to see the next major resistance. In the short term, any further losses could send the price towards the support of $92,500. Main support is at $91,200.
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 – $94,000, followed by $93,500.
Major Resistance Levels – $95,250 and $95,750.
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Source: www.newsbtc.com
