Bitcoin price corrected gains and traded below the $90,000 support zone. BTC is now rising and could struggle to clear the $90,500 zone.
- Bitcoin started a downward correction from the $92,500 zone.
- The price is trading below $90,000 and the 100 hourly Simple Moving Average.
- A bearish trendline is forming with resistance at $90,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it breaks above the $90,500 zone.
Bitcoin price aims for new increase
Bitcoin price failed to gain momentum for a move above the USD 92,000 and USD 92,500 levels. BTC initiated a downside correction and traded below the USD 90,500 support.
The price even peaked below the $88,000 support. However, the bulls were active near the $87,500 zone. A low was formed at $87,582 and the price is moving higher. There was a break above the 23.6% Fib retracement level of the downward move from the $93,561 swing high to the $87,582 low.
Bitcoin is now trading below $90,000 and the 100 hourly Simple Moving Average. If the bulls remain in action, the price may try to rise again. The immediate resistance is near the $90,000 level. The first major resistance is around the $90,500 level. A bearish trendline is also forming with resistance at $90,650 on the hourly chart of the BTC/USD pair.
The next resistance could be $92,000. A close above the USD 92,000 resistance could send the price rising further. In the mentioned case, the price could rise and test the USD 92,500 resistance. Any further gains could send the price towards the USD 93,200 level. The next barrier for the bulls could be $94,000 and $94,500.
Another drop in BTC?
If Bitcoin fails to rise above the USD 90,500 resistance zone, it could trigger another decline. The immediate support is near the USD 88,550 level. The first major support is near the $88,000 level.
The next support is now near the $87,500 zone. Any further losses could send the price towards the USD 86,500 support in the short term. The key support is at $85,000, below which BTC could potentially accelerate lower in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 88,550, followed by USD 88,000.
Major resistance levels – $90,000 and $90,500.