Bitcoin is attempting to reach the level of $100,000. BTC has been consolidating, and may try to increase again from the $95,000 zone of support.
- Bitcoin has re-tested $95,000 and reduced all of its gains.
- Price is below the Simple Moving Average of 100 hours and $96,500.
- On the hourly chart for the BTC/USD, there is a short-term trendline that has resistance around $96,250 (data from Kraken).
- It is possible that the pair will gain strength if they clear $96,500.
Bitcoin price drops again
Price of Bitcoin is being cleared $98,000 resistance zone. BTC’s gains were trimmed by the bears. A move was made below the support zone of $96,500.
Even the price dropped to below $95,000. At $94,450, a new low has been formed and now the price consolidates its losses. The price increased slightly above $95,200. The price reached the Fib 50% retracement of the decline from the swing high $97.396 to the low $94,450.
Bitcoin’s price has fallen below the $96,500 mark. 100 hourly Simple moving average. The price may face some resistance on the upside near $96,250. On the hourly BTC/USD chart, a short-term trend line is forming that has resistance at $96,250.
The trendline is near the Fib level of 61.8% retracement for the decline from the swing high $97,396 to the low $94,450. Near the $96,800 mark, we have our first major resistance. The price could move higher if the resistance level of $96,800 is broken.
A close above $98,000 could initiate more gains. The price could rise if it closes over the resistance level of $98,000. Price could test and rise above the $98,800 level in this case. If the price continues to rise, it could reach the level of $100,000.
BTC: Another drop in the BTC price?
Bitcoin may start a downward trend if it does not rise above $96,250. Near the $95,000 support level, there is immediate support for Bitcoin’s downside.
Near the level of $94,500, we have our first significant support. Next support now lies near $93,200. In the short term, any further losses could send the price towards the support of $91,500.
Indicators of technical indicators
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $95,000, followed by $94,500.
Major Resistance Levels – $96,250, and $98,000.
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Source: www.newsbtc.com
