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Bitcoin price started a new decline under the support of $ 88,000. BTC must remain above the $ 80,000 zone to prevent more losses in the short term.
- Bitcoin started a new decrease of the $ 92,500 zone.
- The price is traded under $ 88,000 and the simple simple advancing average of 100 hours.
- There is a connecting Bearish trend line that forms with resistance at $ 86,150 on the hourly table of the BTC/USD pair (data specialty).
- The couple can start a new decline if it does not remain above $ 82,000 zone.
Bitcoin -price drops further
Bitcoin price could not stay above the level of $ 92,500 and started a new decrease. BTC fell heavily under the support levels of $ 90,000 and $ 88,000.
The price even went below the $ 85,000 level. It tested the $ 80,000 zone. A low point was formed at $ 80,525 and the price is now the losses on consolidating. It is back above the level of $ 83,500 and the 23.6% FIB retracement level of the downward movement of the $ 89.203 Swing high to $ 80,525 low.
Bitcoin price is now traded under $ 85,200 and the 100 simple advancing average per hour. At the top is immediate resistance near the level of $ 85,000 or the 50% FIB retracement level of the downward movement of the $ 89,203 Swing high to $ 80,525 low.
The first key resistance is near the level of $ 85,500. There is also a connecting Bearish trend line that forms with resistance at $ 86,150 on the hour table of the BTC/USD pair.
The next key resistance can be $ 87,150. A nearby $ 87,150 resistance can further send the price. In the case mentioned, the price could rise and the resistance level of $ 88,500 tests. More profits can send the price to the level of $ 90,000 or even $ 90,500.
Another drop in BTC?
If Bitcoin does not rise above the $ 86,000 resistance zone, this can start a new decline. Immediate support on the disadvantage is near the level of $ 83,000. The first major support is close to the $ 82,000 level.
The next support is now near the $ 81,200 zone. More losses can send the price in the short term to the support of $ 80,000. The most important support is at $ 78,500.
Technical indicators:
MACD per hour – the MACD now loses pace in the Bearish zone.
Picly RSI (relative strength -index) -The RSI for BTC/USD is now below the 50 -level level.
Important support levels – $ 82,000, followed by $ 80,000.
Important resistance levels – $ 85,000 and $ 86,000.