Bitcoin Price Sees Short-Term Incredible – Bulls Plan Their Next Action
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Bitcoin price is correcting the $95,000 area. BTC returns $94,000 and may test the support zone of $91,200 in the short term.
- Bitcoin started a minor downside correction for areas below $94,000.
- Prices trade below $94,000 and 100-hour simple moving averages.
- In the hourly chart of the BTC/USD pair (Kraken’s feed) there is a connected bearish trend line with a resistance of $94,000.
- If this pair clears the $94,200 area, the couple may increase again.
Bitcoin price begins to correct downward
Bitcoin prices remained stable, above the $90,000 level and began a new rise. BTC was able to climb to resistance levels of $91,500 and $94,000.
The Bulls were able to put resistors at a price of more than $94,500. The latest high was $95,348 and the price began a downward correction. The levels below $94,500 and $94,000 fell. The low price is $92,900 and now it is firmly below the 23.6% FIB retracement level, thus moving from a swing high of $95,348 to a low of $92,900.
Bitcoin Price is now trading below the $94,000 and the 100-hour simple moving average. On the hourly chart of the BTC/USD pair, there is also a connected bearish trend line with a resistance of $94,000.
On the plus side, immediate resistance is close to the $93,650 level. The first key resistance is close to the $94,000 level. The next key resistance could be $94,150, while the decline in 50% FIB retracement level is from a swing of $95,348 to a low of $92,900.
Turning off resistors above $94,150 may make the price even higher. In the case of statements, the price may rise and test the resistance level of $94,500. More gains may shift the price to the $95,500 level.
More losses in BTC?
If Bitcoin cannot exceed the $94,000 resistance zone, it may continue to decline. The immediate support of the disadvantage is close to the $92,800 level. The first major support is close to the $92,000 level.
The next support is now near the $91,500 area. In the short term, more losses may send the price to $90,500 in support. The main support is $90,000.
Technical indicators:
Hourly MACD – MACD is now at the pace of the bearish zone.
Hour RSI (Relative Strength Index) – The RSI of BTC/USD is now below level 50.
Main support level – $92,800, followed by $92,000.
Major resistance levels – $94,000 and $94,150.
