Bitcoin extended its losses and traded under the $100,000 zone. BTC has been showing signs of weakness and may continue its descent towards the $91,200 area.
- Bitcoin has started to decline again from the zone of resistance $100,000.
- It is currently trading at a price below $98k and the 100-hour Simple moving average.
- The hourly chart for the BTC/USD pairs shows a bearish key trend line with resistance of $95,850. (Data feed by Kraken).
- It is possible that the pair will start to increase again if they stay above the support level of $92,000.
Bitcoin Prices Drop Again
The Bitcoin price has failed to increase again. extended losses BTC is gaining a bearish momentum below the $98,000 and $96,500 levels. BTC has been losing momentum since it fell below $98,000 and $96,500.
Price even dropped below $92,250. Before the recovery, a low at $92,159 was established. The bears, however, were very active around the $100,000 mark. After a price peak of $95,575 the market began a new decline. The price traded below $96,500.
A clear movement was made below the 50% Fib level of recovery from the low swing price of $92,159 up to the high $99 575. A key trend line is also developing with resistance of $95,850 at the hourly chart for the BTC/USD.
Bitcoin’s price has fallen below $98,000. 100 hourly Simple moving average. This is also testing a 76.4% Fib Retracement Level of the Recovery Wave from the low swing price of $92,159 up to the $99 575 high.
The immediate resistance on the upside is around the $95,000 mark. Near the $95,850 mark, we find our first major resistance. Price could rise if the price moves above $95,850. The next major resistance may be at $97,800. The price could rise further if the resistance level of $97.800 is breached.
The price may rise in this case and try to test the resistance level of $98,500. If the price gains more, it could reach the level of $100,000.
BTC – More negatives in the future?
Bitcoin could fall further if it fails to break through the resistance level of $95,850. Support on the downside near $93,800 is the immediate level of support.
The next major support will be near $92,500. 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.
Indicators of 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 – $95,850 and $97,800.
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Source: www.newsbtc.com
