Bitcoin price started a recovery wave above $90,000. BTC is now struggling to clear $92,000 and could start a new decline below $90,000.
- Bitcoin started a recovery wave and climbed towards $92,000.
- The price is trading above $90,000 and the 100 hourly Simple Moving Average.
- There was a break below a short-term bullish trendline with support at $90,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to decline if it falls below the $90,000 zone.
Bitcoin price faces resistance
Bitcoin price managed to remain above the USD 88,500 level. BTC formed a base and recently started a recovery wave above the $90,000 resistance zone.
The pair climbed above the $91,000 level. It reached a high at $91,878 and the price is now correcting some gains. There was a break below a short-term bullish trendline with support at $90,800 on the hourly chart of the BTC/USD pair.
The pair is now approaching the 23.6% Fib retracement level of the upward move from the $86,299 swing low to the $91,878 high. Bitcoin is now trading above $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 $91,200 level. The first major resistance is near the $92,000 level. The next resistance could be $92,500. A close above the USD 92,500 resistance could send the price rising further. In the mentioned case, the price could rise and test the USD 93,750 resistance. Any further gains could send the price towards the USD 94,500 level. The next barrier for the bulls could be $95,000 and $95,500.
Lose more in BTC?
If Bitcoin fails to rise above the USD 92,000 resistance zone, it could trigger another decline. The immediate support is approaching the USD 90,500 level. The first major support is near the $89,080 level or the 50% Fib retracement level of the upward move from the $86,299 swing low to the $91,878 high.
The next support is now near the $88,450 zone. Any further losses could send the price towards the USD 87,500 support in the short term. The key support is at $86,300, below which BTC could potentially accelerate lower in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – $89,080, followed by $88,450.
Major resistance levels – $91,200 and $92,000.