The price of Bitcoin failed to obtain a pace above the $ 100,000 area. BTC has again refused and is currently consolidating near the $ 96,000 area.
- Bitcoin started a new drop compared to the $ 99,500 area.
- The price is negotiated below $ 97,500 and the single mobile average of 100 hours.
- There is a lower connection line of connection forming with resistance at $ 96,400 on the time graph of the BTC / USD pair (Kraken data flow).
- The pair could start another increase if it remains above the $ 95,000 area.
Bitcoin’s price drops again
The price of Bitcoin has formed a base higher at the level of $ 95,500 and started a recovery wave. BTC was able to exceed the resistance levels of $ 97,000 and $ 98,500.
The price has even released the resistance level of $ 99,000. However, the Bears remained active below the level of $ 100,000. A summit was formed at $ 99,481 and the price started a new drop. There was a movement below $ 98,000 and $ 98,000 levels.
A hollow has been formed at $ 94,888 and the price is now recovered. There was a decision above the level of $ 95,500. The price exceeded the FIB level of retracement of 23.6% of the downward move of the swing of $ 99,481 at the level of $ 94,881.
Bitcoin Price is now negotiated below $ 97,200 and the 100 hours on the simple mobile average. Uplining, immediate resistance is close to the level of $ 96,500. There is also a lower connection line of connection with a resistance to $ 96,400 on the time table of the BTC / USD pair.
The first resistance of the keys is close to the level of $ 97,200 or the FIB retracement level at 50% of the move to the swing of $ 99,481 at the level of $ 94,881. The next keys could be $ 97,750. A higher fence of the resistance of $ 97,750 could send the higher price. In the indicated case, the price could increase and test the resistance level by $ 98,800. Other gains could send the price at $ 99,500, or even $ 100,000.
Another drop in the BTC?
If Bitcoin does not exceed the resistance zone of $ 97,200, this could start a new drop. Immediate downward support is close to the level of $ 95,500. The first major support is close to the level of $ 95,000.
The next support is now close to the $ 94,200 area. Other losses could send the price to the support of $ 93,500 in the short term. The main support is at $ 92,400.
Technical indicators:
MacD Schedule – The MacD now wins the pace in the bullish area.
Schedule RSI (Relative resistance index) – The RSI for BTC / USD is now higher than level 50.
Major support levels – $ 95,500, followed by $ 95,000.
Major resistance levels – $ 96,500 and $ 97,200.