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Bitcoin price began a downward correction from the $97,800 region. BTC is now trading below $95,000 and has tested the $93,500 support zone.
- Bitcoin is still supported by the $94,500 region.
- Prices trade below $96,000 and 100-hour simple moving averages.
- In the hourly chart of the BTC/USD pair, there is a connected bearish trend line with a resistance of $95,250 (from Kraken’s feed).
- If this pair clears the $95,750 area, the couple may increase again.
Bitcoin price drops to support
The downside correction began after the Bitcoin price failed to clear the $98,000 resistor. BTC fell below the support levels of $96,500 and $95,500.
The bear even launched it for under $95,000. The low price is $93,570 and the price is now trying to recover. Above the $94,000 level, it moved to the 23.6% FIB retracement level of the recent decline, from the $97,885 swinger high to the $93,570 low.
Now, Bitcoin price is trading below $96,000, while the 100-hour simple moving average. On the plus side, immediate resistance is close to the $94,500 level. The first key resistance is close to the $95,250 level. On the hourly chart of the BTC/USD pair, there is also a connected bearish trend line with a resistance of $95,250.
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.
Another decline in BTC?
If Bitcoin fails to exceed the $95,250 resistance zone, another downside correction may begin. Immediately support near the $94,000 level on the negative side. 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 losing pace in the bearish zone.
Hour RSI (Relative Strength Index) – The RSI of BTC/USD is now below level 50.
Mainly supported level – $94,000, followed by $93,500.
Major resistance levels – $95,250 and $95,750.
