Could A Deeper Downside Be Ahead?

Bitcoin price failed to cross $95,500 and declined again. BTC is back below $94,500 and may revisit the $91,200 support area.

• Bitcoin started a new decline from the $96,500 area.
• The price is trading below $95,500 and the 100 hourly moving average.
• There is a bearish connecting trend line forming with resistance at $94,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another uptrend if it stays above the $92,500 support area.

The price of Bitcoin is on the rise again

Bitcoin price started a decent rise above the $93,500 resistance area. BTC managed to rise above the $94,200 and $94,500 resistance levels.

The pair cleared the $95,000 resistance level but upside was limited. The price started another decline and traded below the $93,500 level. The bottom was made at $92,950 and the price is now covering losses. There is a connecting bearish line forming resistance at $94,000 on the BTC/USD hourly chart.

The trend line is near the 23.6% Fib retracement level of the recent decline from the $97,308 swing high to the $92,950 low. Bitcoin price is now trading below $95,000 with a moving average of 100 per hour.

On the downside, immediate resistance is near the $94,000 level. The first key resistance is near the $95,000 level or the 50% Fib retracement level of the recent decline from the $97,308 swing high to the $92,950 low. A clear move above the $95,000 resistance could send the price higher.

The next key resistance would be $95,500. A close above the $95,500 resistance could send the price higher. In the mentioned case, the price can rise and test the resistance level of $96,500. Any further gains could send the price to the $98,000 level.

More Losses in BTC?

If Bitcoin fails to rise above the resistance area of ​​$94,500, it can continue to decline. Immediate support on the downside is near the $93,500 level.

The first major support is near the $92,800 level. The next support is now near the $92,500 area. Another loss could send the price to the $91,200 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining momentum in bearish territory.

Hourly RSI (Relative Strength Index) – RSI for BTC/USD is now below the 50 level.

Major Support Levels – $93,500, followed by $92,500.

High Resistance Levels – $94,500 and $95,500.