Aayush Jindal
Key Highlights
- Bitcoin price started a consolidation phase below the $100,000 zone.
- A connecting bearish trend line is forming with resistance at $97,500 on the 4-hour chart.
- Ethereum price seems to be facing hurdles near the $3,750 zone.
- XRP extended its surge toward $2.85 before correcting some points.
Bitcoin Price Technical Analysis
Bitcoin price made another attempt to gain pace above the $95,000 resistance zone. However, BTC/USD failed to settle above $98,000 and failed to test $100,000.
Looking at the 4-hour chart, the price started a downside correction from the $98,800 zone. There was a move below the $96,800 and $95,500 support levels. The price dipped below the 50% Fib retracement level of the upward move from the $90,836 swing low to the $98,676 high.
Immediate support is near the $92,650 level. It is near the 76.4% Fib retracement level of the upward move from the $90,836 swing low to the $98,676 high.
The next key support sits at $90,800. A downside break below $90,800 might send Bitcoin toward the $88,000 support. Any more losses might send the price toward the $85,000 support zone.
On the upside, the price could face resistance near the $96,500 level. There is also a connecting bearish trend line forming with resistance at $97,500 on the same chart. The next key resistance is $97,200.
The main hurdle is now near $98,000. A successful close above $98,000 might start another steady increase. In the stated case, the price may perhaps rise toward the $100,000 milestone level.
Looking at XRP, the bulls pumped the price above the $2.50 and $2.70 levels before the bears took a stand near the $2.85 zone.
Today’s Economic Releases
- US ISM Services Index for Nov 2024 – Forecast 55.5, versus 56.0 previous.
- US Factory Orders for Oct 2024 (MoM) - Forecast +0.2%, versus -0.5% previous.
