Bitcoin Price Slides From Peak Levels—Is a Bigger Correction on Deck?

Source: CryptoNewsNet Original Title: Bitcoin Price Slides From Peak Levels—Is a Bigger Correction on Deck? Original Link: Bitcoin price failed to gain strength for a move above the $94,000 and $94,500 levels. BTC started a downside correction and traded below the $92,000 support.

There was a clear move below the 50% Fib retracement level of the upward move from the $87,777 swing low to the $94,583 high. Besides, there was a break below a bullish trend line with support at $91,600 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading below $91,200 and the 100 hourly Simple moving average. The price is now approaching the $89,500 support, and the 76.4% Fib retracement level of the upward move from the $87,777 swing low to the $94,583 high.

Potential Upside

If the bulls remain in action, the price could attempt another increase. Immediate resistance is near the $91,200 level. The first key resistance is near the $91,500 level. The next resistance could be $92,000. A close above the $92,000 resistance might send the price further higher. In the stated case, the price could rise and test the $92,850 resistance. Any more gains might send the price toward the $93,500 level. The next barrier for the bulls could be $94,000 and $94,500.

Risk of Further Decline

If Bitcoin fails to rise above the $92,000 resistance zone, it could start another decline. Immediate support is near the $89,500 level. The first major support is near the $88,800 level.

The next support is now near the $87,750 zone. Any more losses might send the price toward the $86,500 support in the near term. The main support sits at $85,000, below which BTC might accelerate lower in the near term.

Technical Indicators

• Hourly MACD — The MACD is now gaining pace in the bearish zone.
• Hourly RSI (Relative Strength Index) — The RSI for BTC/USD is now below the 50 level.
• Major Support Levels — $89,500, followed by $88,800.
• Major Resistance Levels — $91,200 and $92,000.