The price of Bitcoin failed to surpass $95,500 and fell again. BTC is back below $94,500 and could revisit the $91,200 support zone.
- Bitcoin started a new decline from the $96,500 zone.
- The price is trading below $95,500 and the 100 hourly simple moving average.
- A connecting bearish trend line is forming with resistance at $94,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another rise if it holds above the $92,500 support zone.
Bitcoin price falls again
Bitcoin price started a decent upward movement above the $93,500 resistance zone. BTC was able to break through the $94,200 and $94,500 resistance levels.
The pair broke through the $95,000 resistance level, but the upside was limited. The price started another decline and traded below the $93,500 level. A low was formed at $92,950 and the price is now consolidating losses. A connecting bearish trend line is forming with resistance at $94,000 on the hourly chart of the BTC/USD pair.
The trend line is near the 23.6% Fibonacci retracement level of the recent drop from the high of $97,308 to the low of $92,950. Bitcoin price is now trading below $95,000 and the average simple 100 hour mobile.
On the upside, immediate resistance is near the $94,000 level. The first key resistance is near the $95,000 level or the 50% Fibonacci retracement level of the recent drop from the high of $97,308 to the low of $92,950. A clear move above the $95,000 resistance could push the price higher.
The next key resistance could be $95,500. A close above the $95,500 resistance could push the price up further. In the given case, the price could rise and test the resistance level of $96,500. Any further gains could send the price towards the $98,000 level.
More losses in BTC?
If Bitcoin fails to break above the $94,500 resistance zone, it could continue to decline. Immediate downside support is near the $93,500 level.
The first major support is near the $92,800 level. The next support is now near the $92,500 area. Any further losses could send the price towards the $91,200 support in the near term.
Technical indicators:
MACD Hourly: 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.
Main support levels: $93,500, followed by $92,500.
Main resistance levels: $94,500 and $95,500.
