Bitcoin price struggled to stay above $92,000. BTC is now consolidating gains and could fall again if there is a clear move below $89,500.
- Bitcoin started a downward correction from the $92,500 zone.
- The price is trading below $91,000 and the 100 hourly Simple Moving Average.
- A contracting triangle is forming with support at $90,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it breaks above the $92,500 zone.
Bitcoin price drops again
Bitcoin price managed to stay above the $90,000 zone and started a new increase. BTC gained strength for a move above the USD 91,500 and USD 92,000 levels.
However, the bears were active around $92,500. It reached a high at $92,269 and the price recently corrected some gains. There was a decline below the 50% Fib retracement level of the upward move from the $87,777 swing low to the $92,269 high.
However, the bulls were active near the USD 90,000 support. Bitcoin is now trading below $90,000 and the 100 hourly Simple Moving Average. Moreover, a contracting triangle is forming with support at $90,000 on the hourly chart of the BTC/USD pair.
If the bulls remain in action, the price may try to rise again. The immediate resistance is near the $90,800 level. The first major resistance is near the $91,200 level. 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 93,500 level. The next threshold for the bulls could be $94,200 and $94,500.
Lose more in BTC?
If Bitcoin fails to rise above the USD 92,000 resistance zone, it could trigger another decline. Immediate support is approaching the $90,000 level. The first major support is near the $89,500 level and the 61.8% Fib retracement level of the upward move from the $87,777 swing low to the $92,269 high.
The next support is now near the $88,800 zone. Any further losses could send the price towards the USD 87,500 support in the short term. The key support is at $86,500, below which BTC could potentially accelerate lower in the near term.
Technical indicators:
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.
Major support levels – USD 90,000, followed by USD 89,500.
Major resistance levels – $91,200 and $92,000.