This article is also available in Spanish.
bitcoin price extended losses and traded below the $100,000 area. btc is showing bearish signs and could continue to decline towards the $91,200 support zone.
- bitcoin started a new decline from the $100,000 resistance zone.
- The price is trading below $98,000 and the 100 hourly simple moving average.
- A key bearish trend line is forming with resistance at $95,850 on the hourly chart of the btc/USD pair (data feed from Kraken).
- The pair could start a fresh rise if it holds above the $92,000 support zone.
bitcoin price falls again
bitcoin price failed to start another rise and extended losses below the $100,000 zone. btc gained bearish momentum below the $98,000 and $96,500 levels.
The price even shot below $92,250. A low was formed at $92,159 before a recovery wave occurred. However, the bears were active near the $100,000 level. A high of $99,575 was formed and the price started another decline. It traded below the $96,500 level.
There was a clear move below the 50% Fibonacci retracement level of the recovery wave from the low of $92,159 to the high of $99,575. There is also a key bearish trend line forming with resistance at $95,850 on the hourly chart of the btc/USD pair.
bitcoin price is now trading below $98,000 and the 100 hourly simple moving average. It is also testing the 76.4% Fib retracement level of the recovery wave from the low of $92,159 to the high of $99,575.
On the upside, immediate resistance is near the $95,000 level. The first key resistance is near the $95,850 level. A clear move above the $95,850 resistance could push the price higher. The next key resistance could be $97,800. A close above the $97,800 resistance could push the price up further.
In the given case, the price could rise and test the resistance level of $98,500. Any further gains could send the price towards the $100,000 level.
More disadvantages in btc?
If bitcoin fails to break above the $95,850 resistance zone, it could continue to decline. Immediate downside support is near the $93,800 level.
The first major support is near the $92,500 level. The next support is now near the $91,200 area. Any further losses could send the price towards the $90,000 support in the near term.
Technical indicators:
MACD Hourly: 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.
Main support levels: $92,500, followed by $91,200.
Main resistance levels: $95,850 and $97,800.
