Bitcoin price struggled to stay above $92,000. BTC is now consolidating gains and might dip again if there is a clear move below $89,500.
Bitcoin started a downside correction from the $92,500 zone.
The price is trading below $91,000 and the 100 hourly Simple moving average.
There is a contracting triangle forming with support at $90,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might continue to move up if it settles above the $92,500 zone.
Bitcoin Price Dips Again
Bitcoin price managed to stay above the $90,000 zone and started a fresh increase. BTC gained strength for a move above the $91,500 and $92,000 levels.
However, the bears were active near $92,500. A high was formed at $92,269 and the price recently corrected some gains. There was a drop 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 $90,000 support. Bitcoin is now trading below $90,000 and the 100 hourly Simple moving average. Besides, there is a contracting triangle forming with support at $90,000 on the hourly chart of the BTC/USD pair.
If the bulls remain in action, the price could attempt another increase. Immediate resistance is near the $90,800 level. The first key resistance is near the $91,200 level. The next resistance could be $92,000. A close above the $92,000 resistance might send the price further higher. In the stated case, the price could rise and test the $92,500 resistance. Any more gains might send the price toward the $93,500 level. The next barrier for the bulls could be $94,200 and $94,500.
More Losses In BTC?
If Bitcoin fails to rise above the $92,000 resistance zone, it could start another decline. Immediate support is near 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 more losses might send the price toward the $87,500 support in the near term. The main support sits at $86,500, below which BTC might accelerate lower in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $90,000, followed by $89,500.
Major Resistance Levels – $91,200 and $92,000.
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