Reason to trust
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Este artículo también está disponible en español.
Bitcoin price started a downside correction below the $96,500 zone. BTC is now trading below $95,000 and struggling to start a fresh increase.
Bitcoin started a fresh decline below the $95,500 zone.
The price is trading below $95,500 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $94,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it clears the $95,750 zone.
Bitcoin Price Faces Resistance
Bitcoin price started a downside correction below the $97,200 support zone. BTC declined below the $96,200 and $95,500 support levels.
The bears even pushed it below $94,500. A low was formed at $93,570 and the price is now attempting to recover. There was a move above the $94,000 level. The price cleared the 23.6% Fib retracement level of the recent decline from the $97,885 swing high to the $93,570 low.
However, the bears are active near the $95,000 zone. Bitcoin price is now trading below $95,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $94,750 level. There is also a connecting bearish trend line forming with resistance at $94,750 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $95,300 level. The next key resistance could be $95,750 and the 50% Fib retracement level of the recent decline from the $97,885 swing high to the $93,570 low. A close above the $95,750 resistance might send the price further higher. In the stated case, the price could rise and test the $96,800 resistance level. Any more gains might send the price toward the $98,000 level.
More Losses In BTC?
If Bitcoin fails to rise above the $94,750 resistance zone, it could start another downside correction. Immediate support on the downside is near the $93,750 level. The first major support is near the $93,500 level.
The next support is now near the $93,200 zone. Any more losses might send the price toward the $92,500 support in the near term. The main support sits at $91,200.
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 – $93,750, followed by $93,500.
Major Resistance Levels – $94,750 and $95,750.
