As a seasoned crypto investor with over a decade of experience navigating the volatile crypto market, I have learned to take each price correction in stride and see it as an opportunity rather than a setback.
The price of Bitcoin is currently reversing its gains and has dropped below the $96,500 barrier. At present, Bitcoin is being traded at levels below $95,000 and could encounter obstacles close to the $95,750 resistance.
- Bitcoin started a downside correction from the $98,880 zone.
- The price is trading below $96,000 and the 100 hourly Simple moving average.
- There was a break above a short-term bearish trend line with resistance at $94,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it clears the $95,750 resistance zone.
Bitcoin Price Corrects Gains
Bitcoin’s efforts to surge past $98,800 and $99,000 proved unsuccessful, leading to a decline in its price. Initially, Bitcoin slipped beneath the support levels of $97,000 and $96,000. The drop continued, even causing it to dip below the $95,000 mark.
Previously, a dip occurred at $92,550, and since then, the price has been increasing. We’ve seen a breakthrough above the previous resistance point at $93,800. Additionally, the price has surpassed the 23.6% Fibonacci retracement level from the price peak at $98,880 to the trough at $92,550.
Additionally, there was a rise beyond a temporary downward trend line offering resistance at $94,200 on the hourly Bitcoin-to-USD chart. At this point, the Bitcoin price is currently lower than $96,000 and the 100-hour Simple Moving Average.
Looking on the positive side, the price might encounter resistance around $95,200. This initial resistance is situated close to $95,750, which approximates the 50% Fibonacci retracement point of the downward trend from the peak at $98,880 to the trough at $92,550. In simpler terms, there’s a strong possibility that the price may halt or slow down near these levels due to past price movements and market psychology.
If we break through the current resistance at $95,750, it could push the price upward to potentially challenge the next barrier around $97,350. Should we manage to close above $97,350, further gains might be on the horizon. In this scenario, the price may continue climbing and aim for the resistance at $98,880. With more positive momentum, it could even approach the $100,000 milestone.
Another Dip In BTC?
If Bitcoin fails to rise above the $95,750 resistance zone, it could start another downside correction. Immediate support on the downside is near the $93,800 level.
In simpler terms, the initial strong resistance is around $92,500. Next, a supportive region can be found close to $90,000. If there are further losses, the price might head towards the $88,000 support level in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $93,800, followed by $92,500.
Major Resistance Levels – $95,750, and $97,350.
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2024-11-26 05:46