Could a Major Drop Be Next?
Bitcoin price extended losses and fell below the $95,000 area. BTC is showing bearish signs and could plunge below the $92,000 level.
- Bitcoin started a new decline in the sub-$95,000 area.
- The price is trading below $94,000 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance at $95,000 on the hourly chart of the BTC/USD pair (data feed via Kraken).
- If the pair holds above the $92,000 support zone, a fresh increase may begin.
Bitcoin price regains support
Bitcoin price fails to rise again expand losses Below the $98,000 area. BTC gained bearish momentum below the $96,500 and $95,500 levels.
The price has even soared below $92,500. A low was formed at $92,417 and the price is now consolidating losses. Prices rise slightly to over $94,000. The price climbed above the 23.6% Fib retracement level of the downward move from the swing high of $99,575 to low of $92,417.
Bitcoin price currently below $95,000 100 hour simple moving average. There is also a key bearish trend line forming with resistance at $95,000 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance lies near $95,000. The first key resistance level is near the $96,000 level, which is the 50% Fib retracement level of the downside move from the $99,575 high to $92,417 low. A clear break above the $96,000 resistance could push the price higher.
The next key resistance level is likely to be $96,800. A close above the $96,800 resistance could lead to further gains. In the above scenario, the price may rise and test the $97,500 resistance. In case of further gains, the price may rise towards the $98,000 level.
Does Bitcoin Have More Downside?
If Bitcoin fails to rise above the $95,000 resistance, it may continue to fall. Immediate support on the downside lies near the $92,400 level.
The first major support level is located near $92,000. The next support is near the $91,200 area. Any further losses could push the price towards the $90,000 support in the short term.
Technical indicators:
Hourly MACD – The MACD is currently accelerating in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.
The main support is at $92,500, followed by $91,200.
Major resistance levels – $95,000 and $96,000.
