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Bitcoin Price began a new drop compared to the $ 92,000 area. BTC is back below $ 85,500 and could continue to descend below $ 80,000.
- Bitcoin started a new drop below the $ 85,000 area.
- The price is negotiated below $ 85,000 and the single single mobile average of 100 hours.
- There is a short -term downward trend line with resistance at $ 83,200 on the time graph of the BTC / USD pair (Kraken data flow).
- The pair could start another drop if it cannot erase the resistance area of $ 80,000.
Bitcoin Price faces resistance
Bitcoin Price started a new drop below $ 88,000. BTC was negotiated below $ 86,000 and support levels of $ 85,000. Finally, the price tested the $ 80,000 support area.
A hollow was formed at $ 80,006 and the price recently started a recovery wave. There was a decision above the resistance levels of $ 80,500 and $ 81,200. Bulls pushed the price to the FIB trace level of 23.6% of the downward movement of the swing of $ 91,060 at the bottom of $ 80,006.
The Bitcoin price is now negotiated below $ 85,000 and the 100 hours on the simple mobile average. Uplining, immediate resistance is close to the level of $ 82,700. The first resistance of the keys is close to the level of $ 83,000.
There is also a short -term downward trend line forming with $ 83,200 resistance on the time table of the BTC / USD pair. The next keys could be $ 85,000. It is close to the FIB retracement level at 50% of the downward move of the swing of $ 91,060 high at $ 80,006.
A higher fence of the resistance of $ 85,000 could send the higher price. In the indicated case, the price could increase and test the resistance level by $ 87,500. Other gains could send the price at $ 90,000, or even $ 96,200.
Another drop in the BTC?
If Bitcoin does not exceed the resistance zone of $ 83,000, this could start a new drop. Immediate downward support is close to the level of $ 81,000. The first major support is close to the level of $ 80,200.
The next support is now close to the $ 80,000 area. Other losses could send the price to the support of $ 78,000 in the short term. The main support is at $ 75,000.
Technical indicators:
MacD Schedule – The MacD is now losing a pace in the lower area.
Schedule RSI (Relative force index) – The RSI for BTC / USD is now lower than level 50.
Major support levels – $ 80,000, followed by $ 78,000.
Major resistance levels – $ 83,000 and $ 85,000.
