Bitcoin price continues to find support above the $94,200 zone. BTC has formed a base and could start a new rally above the $98,000 resistance.
Bitcoin has started a new decline below the $98,000 support zone. The price is trading below the 100-hour simple moving average at $97,500. There is a significant bearish trendline forming resistance at $97,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could regain momentum if it closes above the $98,000 resistance zone.
Bitcoin price remains above support
Bitcoin price extended its losses below the $98,000 support zone. There was a move below the $96,500 support. Prices soared to below $95,000.
A low was formed at $94,314 and the price is currently consolidating losses. There was a wave of recovery above the $96,650 level. Price rose above the 61.8% Fib retracement level of the downtrend from the swing high of $98,267 to the low of $94,314.
Bitcoin price is currently trading below $98,000 and the 100-hour simple moving average. On the upside, the price may face resistance near the $97,500 level. This is close to the 76.4% Fib retracement level of the downwave from the swing high of $98,267 to the low of $94,314.
The first major resistance level is near the $98,000 level. There is also an important bearish trendline on the hourly chart of the BTC/USD pair that forms resistance at $97,800.
Source: BTCUSD on TradingView.com
A clear break above the $98,000 resistance could push the price higher. The next major resistance level could be at $98,800. If the price closes above the $98,800 resistance, the price could move higher. In the above case, the price may rise and test the $100,000 resistance level. Any further rise could push the price closer to the $102,000 level.
Will BTC fall again?
If Bitcoin fails to rise above the $98,000 resistance zone, another downside correction could begin. Immediate support on the downside is near the $96,500 level.
The first major support is near the $95,000 level. The next support is currently located near the $94,250 zone. Any further losses could send the price towards the $92,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is currently losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is currently below the 50 level.
Major support levels – $96,500, followed by $95,000.
Key resistance levels – $98,000 and $98,800.
