Bitcoin price began a new decline below support of $ 88,000. The BTC should remain higher than the zone of $ 80,000 to avoid large losses in the near future.
- Bitcoin began a fresh decline from the zone for $ 92,500.
- The price is traded below 88,000 US dollars and 100 hourly simple sliding average.
- In the hourly diagram of the BTC/USD pair (data from Kraken) there is a connecting line of a bear trend with a resistance of $ 86,150.
- The couple can start another decline if it cannot remain above the zone for $ 82,000.
Bitcoin price falls on
Bitcoin price could not remain higher than 92,500 dollars and began a fresh decline. BTC decreased below the support level of $ 90,000 and $ 88,000.
The price even plunged below the level of $ 85,000. He checked the zone for $ 80,000. The low was formed at the level of 80,525 US dollars, and the price is currently consolidating losses. It returned above the level of 83,500 US dollars and the level of FIB recovery 23.6% down compared to the maximum of swinging at $ 89,203 to a minimum of $ 80,525.
The price of bitcoins is now trading below 85,200 US USA and 100 hourly simple sliding average. On the other hand, immediate resistance approaches the level of 85,000 US dollars or the level of FIB recovery by 50% down compared to the maximum of a swing of $ 89,203 to a minimum of $ 80,525.
The first key resistance is approaching the level of 85,500 dollars. There is also a connecting line of a bear trend that forms a resistance of 86,150 US dollars in the hourly diagram of the BTC/USD pair.
The next key resistance can be 87,150 dollars. Close above the resistance of 87,150 US dollars can lead to a further increase in price. In the declared case, the price can rise and check the resistance level of $ 88,500. More profits can be sent to the level of $ 90,000 or even $ 90,500.
Another fall in BTC?
If Bitcoin does not rise above the resistance zone in the amount of $ 86,000, it can begin a new decline. Direct support below is about $ 83,000. The first major support is located next to the level of $ 82,000.
The next support is now near the zone for $ 81,200. Any other losses can send a price of support in the amount of $ 80,000 in the near future. The main support costs 78,500 dollars.
Technical indicators:
The hourly macd – Macd is now losing the pace in the bear area.
The hourly RSI (relative force index) – RSI for BTC/USD is now lower than the level of 50.
The main levels of support are 82,000 US dollars, followed by $ 80,000.
The main levels of resistance are 85,000 US dollars and 86,000 US dollars.
