Bitcoin price extended losses and traded below the $100,000 range. BTC is showing bearish signs and could continue to move down towards the $91,200 support area.
- Bitcoin started a fresh decline from the $100,000 front area.
- The price is trading below $98,000 and the 100 hourly moving average.
- A major bearish trend line is forming with resistance at $95,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a new rally if it holds above the $92,000 support area.
The price of Bitcoin is going down again
The price of Bitcoin failed to start another rise and extended loss under the $100,000 range. BTC gained bearish momentum below the $98,000 and $96,500 levels.
The price was even lower than $92,250. A low was formed at $92,159 before a wave of recovery. However, the bears were active near the $100,000 level. A high was formed at $99,575 and the price began another decline. It was trading below the $96,500 level.
There was a clear move below the 50% Fib level of the recovery wave from the $92,159 swing low to $99,575 high. There is also a major bearish trend line forming with resistance at $95,850 on the hourly chart of the BTC/USD pair.
The price of Bitcoin is now trading below $98,000 and the 100 hourly simple moving average. It is also testing the 76.4% Fib level of the recovery wave from the $92,159 swing low to the $99,575 high.
On the upside, there is resistance near the $95,000 level. The first major resistance is near the $95,850 level. A clear move above the $95,850 resistance could send the price higher. The next major offering could be $97,800. A close above the $97,800 resistance could send the price higher.
In the given case, the price could rise and test the $98,500 resistance level. Any other benefits could push the price to the $100,000 level.
More downsides in BTC?
If Bitcoin does not rise above the $95,850 resistance zone, it could continue to decline. Immediate support on the downside is near the $93,800 level.
The first major support is near the $92,500 level. The next support is now near the $91,200 area. Any further losses could send the price towards the $90,000 support in the short term.
Technical specifications:
Hourly MACD – The MACD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Top Support Levels – $92,500, followed by $91,200.
Key Resistance Levels – $95,850 and $97,800.
