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Bitcoin price started falling again and traded below the USD 98,000 support. BTC fell to the $95,000 level and is currently correcting losses.
- Bitcoin started a new decline below the $98,000 support zone.
- The price is trading below $98,000 and the 100 hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance at $98,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could regain strength if it closes above the $98,800 resistance zone.
Bitcoin price takes a hit
Bitcoin price failed to rise above the $100,000 level. BTC again started a downward correction and traded below the USD 98,000 level. There was a move below the $96,500 support.
The price even peaked below $95,000. A low was formed at $94,140 and the price started a recovery wave. There was a move above the USD 96,500 level. The price climbed above the 50% Fib retracement level of the downwave from the $100,432 swing high to the $94,140 low.
Bitcoin price is now trading below $100,000 and the 100 Hourly Simple Moving Average. On the upside, the price could encounter resistance near the USD 98,000 level. It is close to the 61.8% Fib retracement level of the downward wave from the $100,432 swing high to the $94,140 low.
The first major resistance is near the $98,800 level. A connecting bearish trendline is also forming with resistance at $98,800 on the hourly chart of the BTC/USD pair.
A clear move above the USD 98,800 resistance could push the price higher. The next major resistance could be at $100,000. A close above the $100,000 resistance could send the price higher. In the said case, the price could rise and test the USD 104,200 resistance level. Any further gains could send the price towards the $108,000 level.
Another drop in BTC?
If Bitcoin fails to rise above the USD 98,800 resistance zone, it could trigger another downside correction. The immediate downside support is near the USD 96,500 level.
The first major support is near the $95,500 level. The next support is now near the $94,200 zone. Any further losses could send the price towards the USD 92,000 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – USD 96,500, followed by USD 95,500.
Major resistance levels – $98,000 and $98,800.
