Bitcoin has begun a further decline beneath the $96,200 level. BTC may have trouble recovering losses as it retests the $95,000 level.
- Bitcoin began a new decline after it reached the $97,000 zone.
- Price is below the Simple Moving Average of 100 hours and $96,200.
- On the hourly BTC/USD chart, there is a major bearish trendline with resistance around $96,000 (data from Kraken).
- It is possible that the two could increase again if they stay above $95,000.
Bitcoin price drops further
Bitcoin failed to reach the price target $98,500 and $98,000 resistance levels. BTC formed an upper top, and began a decline under the $96,500 mark. The support level of $96,200 was clearly broken.
Even the price dropped to below $95,000. The bulls however appeared around $93,400. At $93,388 a low has been formed and now the price is trying to recover. A move was made above $95,000. Price cleared the Fib level 23.6% retracement of the decline from the swing high $98,825 to the low $93,288.
Bitcoin’s price has fallen below the $96,200 mark. 100 hourly Simple moving average. The immediate resistance on the upside is located near $96,000. A key bearish line is also emerging with resistance near $96,000 in the hourly chart for the BTC/USD.
First key resistance near $96,200 or 50% Fib level. This is the level where the decline from $98,825 swing low to $93,288 bottom has been retraced. The next major resistance level could be $96,750.
Price could rise if the resistance level of $96,750 is breached. Price could test $97.500 level in the case stated. If the price continues to rise, it could reach the level of $98,200 or even $98,500.
BTC: More losses in the BTC market?
Bitcoin may start another decline if the price fails to move above $96,000. On the downside, immediate support is located near $95,000. Near the $94,200 support level, we find our first significant support.
Next support zone is near $93,400. If the market continues to fall, it could soon reach the $92,200 level. Main support is $91,000.
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 – $95,000, followed by $94,200.
Major Resistance Levels – $96,000 and $98,000.
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Source: www.newsbtc.com
