Oh, the mighty Bitcoin, currently lounging near $88,500 like a wizard who’s lost his staff. It’s trying to bounce back, but those pesky hurdles at $92,500 and $93,500 are as stubborn as a dwarf with a grudge. 🧙♂️💰
- Bitcoin took a tumble below $93,000 and $92,500, because gravity isn’t just for apples, you know. 🍎⬇️
- It’s now trading below $93,000 and the 100 hourly Simple Moving Average, which is about as exciting as watching paint dry. 🎨😴
- A bearish trend line is forming at $93,500 on the hourly chart of the BTC/USD pair (courtesy of Kraken, the squid of the crypto sea). 🐙📉
- If it dips below $90,000, it might just keep sliding like a buttered-up troll down a mountain. 🧌⛷️
Bitcoin’s attempt to stay above $92,000 was about as successful as a wizard trying to juggle flaming torches in a hurricane. The bears, those grumpy old grizzlies, pushed the price down faster than a goblin fleeing a tax audit. 🐻💨
After hitting a low of $88,570, it’s now trying to recover, but it’s like watching a tortoise race a hare-slow and slightly amusing. 🐢🐇 It managed to climb above the 50% Fib retracement level, which is basically crypto’s version of a participation trophy. 🏆
Currently, it’s trading below $93,000 and that pesky 100 hourly Simple Moving Average. And let’s not forget the bearish trend line at $93,500, which is as unyielding as a dwarf guarding his gold. 💎🚫
If the bulls decide to charge again, they’ll hit resistance at $92,500 and the 76.4% Fib retracement level. The first real challenge is at $93,500, where the trend line awaits like a troll under a bridge. 🌉🛑
If it somehow breaks through, the next stop could be $93,750. A close above that might send it soaring like a broomstick with a rocket strapped to it. 🚀 From there, $94,500 and $95,000 are in sight, with $95,500 and $96,200 waiting like distant taverns at the end of a long quest. 🏰
But if Bitcoin fails to conquer $93,500, it might just sulk and head south again. Immediate support is at $91,150, with the first major stop at $90,500. Below that, $90,000 looms like a dark forest, and if it falls further, $88,500 is the next campsite. The real danger zone is $86,500-dip below that, and it’s a freefall into the Underdark. 🕳️🦇
Technical indicators:
Hourly MACD – The MACD is losing steam in the bearish zone, like a wizard running out of spells. 🧙♂️🔋
Hourly RSI – The RSI is above 50, which is about as exciting as a half-eaten pie. 🥧🤷♂️
Major Support Levels: $91,150 (the first step into the abyss), followed by $90,500 (the point of no return). 🌋
Major Resistance Levels: $92,500 (the first mountain to climb) and $93,500 (the dragon’s lair). 🐉⛰️
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2025-11-20 05:50