This article is also available in Spanish.
Bitcoin price is struggling to test the $100,000 level. BTC is consolidating and may attempt another surge from the $95,000 support area.
- Bitcoin pared all gains and retested the $95,000 area.
- The price is trading below the $96,500 level and the 100 hourly simple moving average.
- There is a new short-term bearish trend line forming with resistance at $96,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain upward momentum if it crosses the $96,500 resistance area.
Bitcoin price fell again
Bitcoin price tried to break above the $98,000 resistance area. However, the bears remained on the move and BTC pared most of its gains. There was a move below the $96,500 support area.
The price even rose to less than $95,000. The low was formed at $94,450 and the price is now consolidating losses. There was a slight increase above the $95,200 level. The price tested the 50% Fib retracement level of the downward move from the high of $97,396 to the low of $94,450.
Bitcoin price is now trading below $96,500 and the 100 hourly simple moving average. On the upside, the price may face resistance near the $96,250 level. There is also a new short-term bearish trend line forming with resistance at $96,250 on the hourly chart of the BTC/USD pair.
The trend line is close to the 61.8% Fib retracement level of the downward move from the high of $97,396 to the low of $94,450. The first major resistance is located near the $96,800 level. A clear move above the $96,800 resistance level could send the price higher.
The next major resistance could be $98,000. A close above the $98,000 resistance could lead to further gains. In the mentioned case, the price may rise and test the resistance level of $98,800. Any further gains could send the price towards the $100,000 level.
Another drop in BTC?
If Bitcoin fails to rise above the $96,250 resistance area, it could start another bearish correction. Immediate support on the downside is near the $95,000 level.
The first major support is near the $94,500 level. The next support is now located near the $93,200 area. Any further losses could send the price towards the $91,500 support level in the near term.
Technical indicators:
Hourly MACD – The MACD indicator is now losing speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Key Support Levels – $95,000, followed by $94,500.
Major resistance levels – $96,250 and $98,000.
Comments are closed, but trackbacks and pingbacks are open.