Why trust?
Editorial policy that is strict and focuses on accuracy. relevance, impartiality, and relevancy
The best in industry, created by professionals and carefully reviewed
Reporting and Publishing at the highest level
Editorial policy that is strict and focuses on accuracy. relevance, impartiality, and relevancy
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Bitcoin is struggling to break through the $94,500 area. BTC consolidates gains and could correct gains by testing the $91,200 area of support.
- Bitcoin has started to move up above levels of $92,500 or $92,800.
- Price is above the Simple Moving Average of 100 hours and $92,000.
- On the hourly BTC/USD chart, there is a bullish line connecting with a support of $93,100 (data from Kraken).
- If the pair clears $94,500, they could begin another increment.
Bitcoin Price Faces Rejection
Price of bitcoin remained above the $88,800 mark and began to rise. fresh increase. BTC managed to surpass the resistance levels at $90.500 and $92,000.
Bulls managed to push the price over the resistance of $93,500. The price even went higher to retest the resistance level of $94,500. Recently, the high price was $94,450. consolidation phase. The price fell below the level where the Fib was calculated to retrace the movement from the $91,711 swing-low high of $94,450.
The Bitcoin price has now risen above the Simple Moving Average of 100 hours and $92,800. A bullish line is forming on the hourly BTC/USD charts with a support level of $93,100.
The immediate resistance on the upside is around the level of $94,200. Near the $94,500 mark, we find our first major resistance. Next, the $94,650 level could prove to be a key resistance. The price could rise if it closes above $94,650. Price could test $95,500 level in this case. If the price gains more, it could move towards the $96,200 resistance level.
Downside Correction In BTC?
Bitcoin may start a downward correction if the resistance level of $94,200 is not overcome. The trendline and $93,100 are the immediate support levels on the downside. First major support near $92,750 and the Fib level of 61.8% retracement from the upward movement between the swing low at $91,711 to the high of $94,450.
Next support zone is near $91,700. In the short term, any further losses could send the price towards the support of $90.500. The support is $90,000.
The following are 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 above the 50 level.
Major Support Levels – $93,100, followed by $92,750.
Major Resistance Levels – $94,450 and $94,650.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com
