Bitcoin Price Shows Early Signs of a Pullback After Recent Run

Bitcoin price started a fresh increase above $92,500. BTC is now correcting some gains and might revisit the $90,500 support zone.

  • Bitcoin started a fresh increase above the $92,000 zone.
  • The price is trading above $92,000 and the 100 hourly Simple moving average.
  • There is a bearish trend line forming with resistance at $93,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair might continue to move up if it stays above the $90,500 zone.

Bitcoin Price Faces Resistance

Bitcoin price remained supported above the $91,500 zone and started a fresh increase. BTC gained pace for a move above the $92,200 and $92,500 resistance levels.

It even spiked above $94,000 before there was a pullback. The price dipped and tested the $91,250 level. Recently, it recovered and climbed to $93,771 and now shows signs of another decline. There was a move below the 50% Fib retracement level of the recent upward move from the $91,230 swing low to the $93,771 high.

Bitcoin is now trading above $92,000 and the 100 hourly Simple moving average. If the price remains stable above $92,000, it could attempt a fresh increase. Immediate resistance is near the $93,200 level. The first key resistance is near the $93,500 level. There is also a bearish trend line forming with resistance at $93,750 on the hourly chart of the BTC/USD pair.

The next resistance could be $94,000. A close above the $94,000 resistance might send the price further higher. In the stated case, the price could rise and test the $95,000 resistance. Any more gains might send the price toward the $95,800 level. The next barrier for the bulls could be $96,200 and $96,500.

More Downsides In BTC?

If Bitcoin fails to rise above the $93,500 resistance zone, it could start another decline. Immediate support is near the $92,000 level. The first major support is near the $91,800 level or the 76.4% Fib retracement level of the recent upward move from the $91,230 swing low to the $93,771 high.

The next support is now near the $90,500 zone. Any more losses might send the price toward the $90,200 support in the near term. The main support sits at $90,000, below which BTC might accelerate lower in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

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

Major Support Levels – $92,000, followed by $90,500.

Major Resistance Levels – $93,500 and $94,000.

Source
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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