Bitcoin’s price was supported by the zone of $94,200. BTC has formed a new base, and could start an increase over the resistance of $98,000.
- Bitcoin has started to decline again below the support level of $98,000.
- It is currently trading under $97.500, and below the 100-hour Simple Moving average.
- On the hourly BTC/USD chart, there is a major bearish trendline with 97.800 as a resistance level (data from Kraken).
- If the pair closes over $98,000, it could gain momentum.
Bitcoin Price remains Above Support
The Bitcoin price has extended its losses to below. $98,000 support zone. A move was made below the support of $96,500. Price even spiked down to $95,000.
The price has now reached a low of $94,314 where it is consolidating its losses. A recovery wave was seen above $96,650. The price rose above the 61.8% fib retracement of the downward movement from the $98,267 swing low to the $94,314 bottom.
Bitcoin is currently trading at a price below $98,000. 100 hourly Simple moving average. The price may face some resistance on the upside near the $96,500 mark. This is very close to the level where the 76.4% Fib has been retraced of the down wave that started from the high at $98,267 and ended with the low at $94,314.
Near the $98,000 mark, we find our first major resistance. On the hourly BTC/USD chart, there is also an important bearish trendline forming at resistance of $97.800.
Price could move higher if the market moves above $98,000. Next key resistance might be $98,800. The price could rise if it closes above $98,800. The price may rise to test the level of resistance $100,000 in the case stated. Should the price continue to rise, the level of $102,000 could be reached.
BTC to decline again?
Bitcoin could begin a new downward correction if it fails to break through the resistance zone of $98,000. Support for the immediate downside lies near $96,500.
First major support nears $95,000. Next support now lies near $94,250. In the short term, any further losses could send the price towards the $92,000 support.
The following are 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 – $96,500, followed by $95,000.
Major Resistance Levels – $98,000, and $98,800.
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Source: www.newsbtc.com
