Bitcoin price failed to cross $95,500 and fell again. BTC is back below $94,500 and may return to the $91,200 support area.
- Bitcoin started a new decline from the $96,500 area.
- The price is trading below the $95,500 level and the 100 hourly simple moving average.
- There is a solid bearish trend line forming with resistance at $94,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it remains above the $92,500 support area.
Bitcoin price is falling again
Bitcoin price started a good upward movement above the $93,500 resistance area. BTC managed to rise above the $94,200 and $94,500 resistance levels.
The pair crossed the $95,000 resistance level but gains were limited. The price started another decline and was trading below the $93,500 level. The low was formed at $92,950 and the price is now consolidating losses. There is a solid bearish trend line forming with resistance at $94,000 on the hourly chart of the BTC/USD pair.
The trend line is close to the 23.6% Fibonacci retracement level of the recent decline from the high of $97,308 to the low of $92,950. Bitcoin price is now trading below $95,000 and the 100 hourly simple moving average.
On the upside, immediate resistance is near the $94,000 level. The first major resistance is near the $95,000 level or the 50% Fib retracement level of the recent decline from the $97,308 high to the $92,950 low. A clear move above the $95,000 resistance level could send the price higher.
The next major resistance could be $95,500. A close above the $95,500 resistance level could send the price higher. In the mentioned case, the price may rise and test the $96,500 resistance level. Any further gains may push the price towards the $98,000 level.
More losses in BTC?
If Bitcoin fails to rise above the $94,500 resistance area, it may continue to move lower. Immediate support on the downside is near the $93,500 level.
The first major support is near the $92,800 level. The next support is now located near the $92,500 area. Any further losses could send the price towards the $91,200 support level in the near term.
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.
Key support levels – $93,500, followed by $92,500.
Major resistance levels – $94,500 and $95,500.