As a seasoned crypto investor with a knack for spotting trends and understanding market dynamics, I see the recent correction in Bitcoin’s price as a temporary blip rather than a sign of an impending bear market. Having been through multiple bull and bear cycles, I’ve learned to remain patient and adaptive.
The price of Bitcoin temporarily dipped below the $90,000 level but has since started to climb back up. The bullish sentiment might push the price towards surpassing $94,000 next.
- Bitcoin started a fresh increase from the $86,600 zone.
- The price is trading above $88,000 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance at $91,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it clears the $91,000 resistance zone.
Bitcoin Price Aims Higher
The cost of Bitcoin initially dipped slightly, moving away from the $90,000 mark. It momentarily fell beneath $88,000 but was later supported by buying activity.
Previously, a trough was seen at $86,622, and since then, the price has been climbing back up. A surge took place beyond the $90,000 mark. Later, a peak occurred at $91,839 and currently, the price is experiencing a pause. It recently touched the 50% Fibonacci retracement level stemming from the downward swing starting from $86,621 to the $91,839 high.
Currently, Bitcoin’s trading value surpasses $88,000 and aligns with its 100-hour moving average. As it moves upward, potential obstacles may arise near the $91,000 mark. Additionally, a bearish trend line is being formed on the hourly chart of BTC/USD, with resistance at the same $91,000 level.
As a crypto investor, I’m eyeing a significant resistance point around $91,850. If we manage to break through this barrier, it could potentially push the price upwards. The next potential resistance level I’m keeping an eye on is $92,500.
If the price breaks through the $92,500 barrier, it could lead to further increases, potentially pushing it up to challenge the resistance at around $93,450. If this happens, additional gains may propel the price towards the next potential resistance point of approximately $95,000.
Another Decline In BTC?
Should Bitcoin not manage to break through its resistance at approximately $91,000, it may initiate a period of decline instead. A potential support level that might halt this drop could be around $89,250.
The first major support is near the $87,850 level or the 76.4% Fib retracement level of the upward move from the $86,621 swing low to the $91,839 high. The next support is now near the $86,620 zone. Any more losses might send the price toward the $83,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $89,250, followed by $87,850.
Major Resistance Levels – $91,000, and $92,500.
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2024-11-18 06:22