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Bitcoin price began a downward correction for the area below $96,500. BTC is now trading below $95,000 and is working to start new growth.
- Bitcoin starts a new decline in the area below $95,500.
- Prices trade below $95,500 and the 100-hour simple moving average.
- On the hourly table of the BTC/USD pair (Kraken’s feed), there is a connected bearish trend line forming with a resistance of $94,750.
- If this pair clears the $95,750 area, the couple may increase again.
Bitcoin price faces resistance
Bitcoin price began a downward correction in the support zone below $97,200. BTC fell below the $96,200 and $95,500 support levels.
The bear even pushed it up by $94,500. The low price is $93,570 and the price is now trying to recover. Above the $94,000 level. Prices dropped from the recent swing volume of $97,885 to a low of $93,570, downgrading a 23.6% FIB retracement level.
However, the Bears are active near the $95,000 area. Bitcoin Price is now trading below the $95,000 and the 100-hour simple moving average. On the plus side, immediate resistance is close to the $94,750 level. On the hourly table of the BTC/USD pair, there is also a connected bearish trend line with resistance of $94,750.
The first key resistance is close to the $95,300 level. The next key resistance could be $95,750, while the recent FIB retracement level dropped from the recent 97,885 swinger to a low of $93,570. Turning off resistors above $95,750 may make the price even higher. In the case of statements, the price may rise and test the resistance level of $96,800. More gains may shift the price to the $98,000 level.
More losses in BTC?
If Bitcoin fails to exceed the $94,750 resistance zone, another downside correction may begin. The immediate support of the disadvantage is close to the $93,750 level. The first major support is close to the $93,500 level.
Now, the next support is near the $93,200 area. In the short term, more losses could send the price to $92,500 in support. The main support is $91,200.
Technical indicators:
Hourly MACD – MACD is now reaching pace in the bearish zone.
Hour RSI (Relative Strength Index) – The RSI of BTC/USD is now below level 50.
Main support level – $93,750, followed by $93,500.
Major resistance levels – $94,750 and $95,750.
