Bitcoin Price Dips Again: Is The Momentum Shifting?
Bitcoin price started to decline again and fell below the $98,000 support level. BTC fell towards the $95,000 level and is currently correcting losses.
- Bitcoin started a fresh decline below the $98,000 support area.
- The price is trading below $98,000 and the 100 hourly simple moving average.
- There is a bearish trend line forming with resistance at $98,800 on the hourly chart of the BTC/USD pair (data via Kraken).
- The pair may regain momentum if there is a close above the $98,800 resistance zone.
Bitcoin price takes a hit
Bitcoin price fails to rise to $100,000 level. BTC started another downward correction and is trading below $98,000. It fell below the support at $96,500.
The price has even soared below $95,000. A low was formed at $94,140 and the price started a recovery wave. The price rose above $96,500. The price climbed above the 50% Fib retracement level of the descending wave from the $100,432 high to $94,140 low.
Bitcoin price currently below $100,000 100 hour simple moving average. On the bright side, the price may face resistance near $98,000. It is close to the 61.8% Fibonacci retracement level of the downward wave from the $100,432 high to $94,140 low.
The first key resistance is near $98,800. There is also a connecting bearish trend line forming with resistance at $98,800 on the hourly chart of the BTC/USD pair.
A clear break above the $98,800 resistance could lead to a move higher. The next key resistance level may be $100,000. A close above the $100,000 resistance could lead to further price gains. In the above scenario, the price may rise and test the $104,200 resistance. In case of further gains, the price may rise towards the $108,000 level.
Bitcoin falling again?
If Bitcoin fails to break above the $98,800 resistance, it may start another downside correction. Immediate support on the downside lies near the $96,500 level.
The first major support level is located near $95,500. The next support is near the $94,200 area. Any further losses could push the price towards the $92,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.
The main support level – $96,500, followed by $95,500.
Major resistance levels – $98,000 and $98,800.
