Bitcoin price started a recovery wave above $89,500, but failed above $90,000. $BTC It is falling and could fall further if it breaks above $88,000.
- Bitcoin failed to rise above $90,000 and further decline began.
- The price is trading above the 100 hourly simple moving average at $88,200.
- On the hourly chart, an ascending channel has formed with support at $88,100. $BTC/USD pair (data feed from Kraken).
- The pair could fall further if it trades below the $88,000 and $87,500 levels.
Bitcoin price faces rejection
Bitcoin price stabilized above the $88,000 support. $BTC It formed a base and recently started a wave of recovery above the $88,500 level.
Prices crossed the $89,000 and $89,500 levels. There was a move above the 76.4% Fib retracement level of the decline from the swing high of $91,098 to the low of $86,007. The bulls pushed the price above $90,000, but were unable to keep the price in positive territory.
There was another decline below $89,000. Bitcoin is currently trading above $88,200 and its 100-hour simple moving average. Furthermore, on the hourly chart, an ascending channel has formed with support at $88,100. $BTC/USD pair.
If the price remains stable above $88,000, it could attempt a new rally. Immediate resistance is near the $89,150 level. The first major resistance level is near the $89,800 level. If the price closes above the $89,800 resistance, the price could move higher.
In the above case, the price could rise and test the $90,250 resistance. Further upside could push the price closer to the $91,200 level. The next hurdles for the bulls could be $92,000 and $92,500.
another rejection $BTC?
If Bitcoin fails to rise above the $89,150 resistance zone, further decline could begin. Immediate support is near the $88,200 level. The first major support is near the $88,000 level.
The next support is currently located near the $87,200 zone. Any further losses could send the price heading towards the $87,000 support in the near term. The major support is at $86,000 and below that. $BTC Recovery may be difficult in the short term.
Technical indicators:
Hourly MACD – The MACD is currently pacing in the bearish zone.
Hourly RSI (Relative Strength Index) – RSI $BTC/USD is currently below the 50 level.
Major support level – $88,200 followed by $87,000.
Key resistance levels – $89,150 and $89,800.
