Bitcoin value prolonged losses and examined the $97,650 zone. BTC is now correcting losses and may face hurdles close to the $103,000 stage.
- Bitcoin began a draw back correction under the $103,000 zone.
- The value is buying and selling under $103,200 and the 100 hourly Simple shifting common.
- There is a connecting bearish pattern line forming with resistance at $103,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may begin one other decline if it stays under the $103,500 zone.
Bitcoin Price Dips Further
Bitcoin value began a fresh decline under the $105,000 and $103,500 ranges. BTC even dipped under the $100,00 stage earlier than the bulls appeared. A low was shaped at $97,688 and the worth is now correcting losses.
There was a transfer above the $99,500 and $100,000 ranges. The bulls pushed the worth above the 23.6% Fib retracement stage of the downward transfer from the $107,080 swing excessive to the $97,688 low. However, the bears are energetic close to the $102,000 zone.
Bitcoin value is now buying and selling under $103,200 and the 100 hourly Simple moving average. On the upside, speedy resistance is close to the $102,350 stage or the 50% Fib retracement stage of the downward transfer from the $107,080 swing excessive to the $97,688 low.
The first key resistance is close to the $103,000 stage. There can be a connecting bearish pattern line forming with resistance at $103,000 on the hourly chart of the BTC/USD pair.
The subsequent key resistance might be $104,200. A detailed above the $104,200 resistance may ship the worth additional increased. In the acknowledged case, the worth may rise and check the $105,500 resistance stage. Any extra good points may ship the worth towards the $107,000 stage.
More Losses In BTC?
If Bitcoin fails to rise above the $103,000 resistance zone, it may begin a recent decline. Immediate help on the draw back is close to the $100,500 stage. The first main help is close to the $100,000 stage.
The subsequent help is now close to the $88,500 zone. Any extra losses may ship the worth towards the $86,500 help within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.
Major Support Levels – $100,500, adopted by $100,000.
Major Resistance Levels – $102,200 and $103,000.
