Bitcoin price began a new downward trend below $89,500. BTC is consolidating losses and may attempt a recovery if it clears $92,000.
- Bitcoin began falling again below $90,000 and $89,000.
- The price is trading below $90,500 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), there are two bearish trend lines forming with resistance at $90,300 and $93,000.
- If it stays below the $92,000 area, the pair could continue to decline.
Bitcoin price falls to a new weekly low.
Bitcoin price failed to stay above the $91,000 support and began a new downtrend. BTC declined sharply below the $90,000 and $89,500 support levels.
The decline even dragged the price below $88,000. The low was formed at $87,200 and the price is currently consolidating losses. There was a small recovery wave above $89,200 and the 23.6% Fib retracement level of the recent decline from the $95,475 swing high to the $87,200 low.
Bitcoin is currently trading below $90,500 and the 100-hour simple moving average. If the price remains stable above $88,000, a new increase could be attempted. Immediate resistance is near the $90,500 level. Moreover, on the hourly chart of the BTC/USD pair, there are two bearish trend lines forming resistance at $90,300 and $93,000.
The first major resistance is near the $91,000 level. The next resistance could be $91,350 or the 50% Fib retracement level of the recent decline from the $95,475 swing high to the $87,200 low. A break above the $91,350 resistance could push the price higher. If indicated, the price could move higher and test the $93,000 resistance. More profits could push the price higher to the $94,000 level. The next barriers for the bulls could be $95,000 and $95,500.
Another drop in BTC?
If Bitcoin fails to rise above the $91,350 resistance zone, another decline could begin. Immediate support is near the $89,150 level. The first major support is near the $88,000 level.
The next support is now near the $87,200 area. More losses could push the price towards the $86,500 support in the near term. The main support level is $85,500, a drop below which could cause BTC to decline in the near term.
Technical indicators:
Hourly MACD – MACD is now losing speed in bearish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $89,150, followed by $88,000.
Key resistance levels – $91,350 and $92,000.
