Bitcoin Price started another fall below $ 100,500 zone. BTC cuts out profits and can keep moving to the $ 95,000 zone.
- Bitcoin started a new fall below the level of $ 100,000.
- The price is traded under $ 98,800 and the simple simple advancing average of 100 hours.
- There is a connecting Bearish trend line that forms with resistance to $ 98,000 on the hour table of the BTC/USD pair (data feed from Kraken).
- The couple can start a new increase if it remains above $ 95,000 zone.
Bitcoin price drops under $ 98,000
Bitcoin price cannot be higher above $ 102,500 zone. It started a decline below $ 99,500 zone. BTC received Beerarish Momentum for a movement below $ 98,800 and $ 97,500 levels.
The bears pushed the price below the 50% FIB retraction level of the upward wave of the $ 91,000 swing low to the $ 102,500 high. The price even tested the $ 96,500 support zone and currently consolidates losses with a bearish angle.
Bitcoin price is now traded under $ 98,800 and the 100 simple advancing average per hour. Moreover, immediate resistance is near the $ 98,000 level. There is also a connecting Bearish trend line that forms with resistance to $ 98,000 on the hour table of the BTC/USD pair.
The first key resistance is near the level of $ 99,500. The next key resistance can be $ 100,000. A close -up resistance of $ 100,000 can further send the price. In the case mentioned, the price could rise and the resistance level of $ 102,500 tests. More profits can send the price to the level of $ 103,500.
More losses in BTC?
If Bitcoin does not rise above the $ 98,000 resistance zone, this can start a new decline. Immediate support on the disadvantage is near the level of $ 96,500. The first major support is near the $ 95,400 level or the 61.8% FIB retracement level of the upward wave of the $ 91,000 Swing Low to $ 102,500 high.
The next support is now near the $ 93,700 zone. More losses can send the price in the short term to the support of $ 95,000.
Technical indicators:
MACD per hour – The MACD now wins 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 – $ 96,500, followed by $ 95,000.
Important resistance levels – $ 98,000 and $ 100,000.
Credit : www.newsbtc.com
