Bitcoin price started another decline below the $105,000 zone. BTC is down nearly 5% and attempting a close below the $100,000 support zone.
- Bitcoin started a fresh decline from the $108,000 resistance zone.
- The price is trading below $104,000 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance at $102,000 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 $98,000 support zone.
Bitcoin Price Takes Hit
Bitcoin price attempted more gains above the $108,000 resistance zone. However, BTC failed to continue higher and reacted to the downside below the $105,000 level.
There was a clear move below the $102,500 support level. The price even dipped below $100,000. A low was formed at $98,728 and the price is now consolidating losses. There is also a connecting bearish trend line forming with resistance at $102,000 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading below $104,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $100,500 level. It is close to the 23.6% Fib retracement level of the downward move from the $108,297 swing high to the $98,728 low.
The first key resistance is near the $101,000 level and the trend line. A clear move above the $101,000 resistance might send the price higher. The next key resistance could be $102,250. A close above the $102,250 resistance might send the price further higher.
In the stated case, the price could rise and test the $103,500 resistance level or the 50% Fib retracement level of the downward move from the $108,297 swing high to the $98,728 low. Any more gains might send the price toward the $106,000 level.
More Downsides In BTC?
If Bitcoin fails to rise above the $101,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $98,500 level.
The first major support is near the $98,000 level. The next support is now near the $96,200 zone. Any more losses might send the price toward the $95,500 support 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 – $98,000, followed by $96,500.
Major Resistance Levels – $101,000, and $102,000.
