Bitcoin continued to trade below $93,500. BTC may have to struggle above the $95,000 mark in order to recover from its gains.
- Bitcoin has started to decline again from $95,500.
- It is currently trading at a price below $95,000, and it’s moving lower than the 100-hour Simple moving average.
- The hourly chart for the BTC/USD pairs shows a connective bearish trendline with resistance around $93,500. (Data feed from Kraken)
- If the pair stays above $91,200, it could begin another rise.
Bitcoin price turns red below $95K
The Bitcoin price has failed to begin a wave of recovery above the $95,500 resistance. BTC continued to be in a bearish short-term zone. Losses extended below the $93,500 mark.
The price moved clearly below the support level of $92,000. Price even fell below $91,200. At $91,168 a low was established and now the price consolidates losses beneath the Fib 23.6% retracement of recent declines from the swing high at $102,761 to the $91,168.
Bitcoin’s price has fallen below $95,000. 100 hourly Simple moving average. On the upside the resistance near $93,500 is immediate. On the hourly BTC/USD chart, a bearish trendline is also developing with $93,500 as resistance.
First key resistance near $95,000. The price could move higher if the resistance level of $95,000 is clearly surpassed. Next key resistance is $97,000, or the level at which the 50 percent Fib retracement of recent price declines from $102,761 swing low to $91,168 high has occurred.
Price could rise if the resistance level of $97,000 is breached. Price could test $98,000 level in this case. If the price continues to rise, it could reach the $98,800 resistance level.
One more drop in BTC?
Bitcoin may start another decline if the price fails to move above $95,000. Near the $92,500 support level, there is immediate support to the downside.
First major support nears $92,000. Now, the next major support zone is near $91,200. In the short term, any further losses could send the price towards the support of $90,000.
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 – $92,500, followed by $91,200.
Major Resistance Levels – $93,500 and $95,000.
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Source: www.newsbtc.com
