Bitcoin Gives Up Ground, Eyes Shift To Crucial Support Below

Forex

Cryptocurrency

Summary:

Bitcoin price failed to settle above $95,000 against the US Dollar. BTC started a fresh decline below $93,500 and $92,000.

Key Highlights

· Bitcoin failed above $95,000 and trimmed most gains.

· BTC/USD traded below a bullish trend line with support at $92,000 on the 4-hour chart.

· Ethereum also dipped below $3,200 and $3,000.

· Gold extended its surge to a new record high above $4,720.

Bitcoin Price Technical Analysis

Bitcoin price failed to settle above $95,000 against the US Dollar. BTC started a fresh decline below $93,500 and $92,000.

Looking at the 4-hour chart, the price traded below a bullish trend line with support at $92,000. There was a move below the 50% Fib retracement level of the upward move from the $89,161 swing low to the $97,944 high.

The price even settled below the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour). Immediate support sits at $88,200.

A downside break below $88,2000 might start another decline. The next major support is $87,500, below which BTC could decline toward $86,000. If there is a recovery wave, the price could face resistance at $90,500.

The first key hurdle is $92,000 and the same trend line. A close above $92,000 and then the 100 simple moving average (red, 4-hour) could start a steady increase. In the stated case, the price may perhaps rise toward the $95,000 level. Any more gains might call for a test of $97,000.

Looking at Ethereum, the price also reacted to the downside below $3,000. The bears might now aim for a drop below $2,880.

Today's Key Economic Releases

· President Trump's speech.

· ECB's President Lagarde speech.

Source: Titan FX

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