Bitcoin Price Holds The Line: Is Another Surge Possible?
15 November 2024 - 3:45AM
NEWSBTC
Bitcoin price saw a short-term correction from the $93,450 zone.
BTC is now consolidating gains near $87,000 and might attempt
another increase in the near term. Bitcoin started a downside
correction from the $93,450 zone. The price is trading above
$87,000 and the 100 hourly Simple moving average. There is a
connecting bearish trend line forming with resistance at $90,000 on
the hourly chart of the BTC/USD pair (data feed from Kraken). The
pair could start a fresh increase if it stays above the $87,000
zone. Bitcoin Price Starts Downside Correction Bitcoin price
attempted more gains above the $93,000 level. BTC traded to a new
all-time high at $93,435 and recently started a short-term downside
correction. There was a minor decline below the $90,000 level. The
price even dipped below the $88,000 level. A low was formed at
$86,621 and the price is now consolidating. It is slowly moving
higher and trading near the 23.6% Fib retracement level of the
downward move from the $93,435 swing high to the $86,621 low.
Bitcoin price is now trading above $87,000 and the 100 hourly
Simple moving average. On the upside, the price could face
resistance near the $90,000 level. There is also a connecting
bearish trend line forming with resistance at $90,000 on the hourly
chart of the BTC/USD pair. The trend line is close to the 50% Fib
retracement level of the downward move from the $93,435 swing high
to the $86,621 low. The first key resistance is near the $90,850
level. A clear move above the $90,850 resistance might send the
price higher. The next key resistance could be $91,500. A close
above the $91,500 resistance might initiate more gains. In the
stated case, the price could rise and test the $93,450 resistance
level. Any more gains might send the price toward the $95,000
resistance level. More Downsides In BTC? If Bitcoin fails to rise
above the $90,000 resistance zone, it could start a downside
correction. Immediate support on the downside is near the $87,150
level. The first major support is near the $86,500 level. The next
support is now near the $85,280 zone. Any more losses might send
the price toward the $82,500 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 below the 80 level. Major Support Levels – $87,150,
followed by $86,500. Major Resistance Levels – $90,000, and
$91,500.
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