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Bitcoin’s price has corrected its gains since the zone of $95,000. BTC has fallen below $94,000, and could test support at $91,200 in the short term.
- Bitcoin began a small downside correction beneath the $94,000 area.
- Price is below the Simple Moving Average of 100 hours and $94,000.
- On the hourly BTC/USD chart, there is a bearish line connecting with resistance of $94,000 (data from Kraken).
- If the pair clears $94,200, they could begin another growth.
Bitcoin Price Starts Downside Correction
Bitcoin’s price is now trading at $90,000 and has started to move upwards. fresh increase. BTC managed to surpass the resistance levels at $91,500 & $94,000.
Bulls managed to push the price over the resistance of $94,500. Recent highs were formed at $95,348. The price then began to correct downwards. A drop was seen below $94,500 and 94,000. At $92,900 a new low has been formed and now the price consolidates its losses beneath the 23.6% Fib Retracement Level of the decline from the 95,348 swing low to the $92,900 lower low.
Bitcoin’s price has fallen below $94,000. 100 hourly Simple moving average. On the hourly BTC/USD chart, there is also an overlapping bearish trendline with resistance of $94,000.
Near the $93,650 mark, the immediate resistance level is on the upside. Near the $94,000 mark, we find our first major resistance. Next, the key resistance level could be at $94,150. This is the Fib 50% retracement of the decline from the swing high $95,348 to the low $92,900.
If the price closes above $94,150, it could go higher. Price could test $94,500 level in this case. If the price gains more, it could push the price towards the $95,500 resistance level.
BTC Losses Increased?
Bitcoin may continue its downward trend if it does not rise above $94,000. The immediate support to the downside lies near $92,800. Near the $92,000 support level, we find our first significant support.
Nearby is the next level of support, which is $91,500. In the short term, any further losses could send the price towards the $91,500 support. The $90,000 level is the main support.
The following are technical indicators.
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $92,800, followed by $92,000.
Major Resistance Levels – $94,000 and $94,150.
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Source: www.newsbtc.com
