Is The Risk of a Drop Growing?
Bitcoin price is consolidating losses below the $95,500 area. BTC is showing bearish signs and may struggle to recover above $95,800.
- Bitcoin started its recovery wave from the $91,150 area.
- The price is trading below $94,500 and the 100 hourly simple moving average.
- There was a break above resistance connecting a bearish trend line at $93,650 on the hourly chart of the BTC/USD pair (data feed via Kraken).
- If the pair holds above the $92,500 support area, another upward move could start.
Bitcoin price struggles below $95,000
Bitcoin price starts short-term recovery wave above $92,000 Resistance. BTC was able to climb above the $93,500 and $94,000 levels.
Bulls were able to push the price through the 23.6% Fib retracement level of the swing high of $102,761 to low of $91,168. Additionally, there was a break above the connecting bearish trend line with resistance at $93,650 on the hourly chart of the BTC/USD pair.
However, bears remain active below the $95,800 level. Bitcoin price currently below $95,000 100 hour simple moving average. On the upside, immediate resistance lies near $95,000.
The first key resistance is near $95,800. A clear break above the $95,800 resistance could lead to a move higher. The next key resistance level is likely to be $97,000, or the 50% Fib retracement level of the downside move from the $102,761 swing high to $91,168 low.
A close above the $97,000 resistance could lead to further gains. In the above scenario, the price may rise and test the $98,800 resistance. In case of further gains, the price may rise towards the $99,500 level.
Bitcoin falling again?
If Bitcoin fails to break above the $95,800 resistance, it may start a fresh decline. Immediate support on the downside lies near the $92,500 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 $95,800.
