Bitcoin worth began a short-term draw back correction from the $106,250 zone. BTC is consolidating above $100,000 and may goal for a contemporary enhance.
- Bitcoin began a draw back correction from the $106,250 zone.
- The worth is buying and selling beneath $103,500 and the 100 hourly Simple transferring common.
- There was a break beneath a key bullish development line with assist at $104,650 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might begin one other enhance if it stays above the $100,000 assist zone.
Bitcoin Price Holds $100K
Bitcoin worth began a decent upward move above the $100,000 zone. BTC was capable of climb above the $102,500 and $103,800 ranges.
A excessive was shaped at $106,246 and the worth just lately began a downside correction. There was a drop beneath the $104,000 and $103,500 ranges. Besides, there was a break beneath a key bullish development line with assist at $104,650 on the hourly chart of the BTC/USD pair.
A low was shaped at $99,538 and the worth is now rising. There was a transfer above the 23.6% Fib retracement stage of the current decline from the $106,246 swing excessive to the $99,538 low.
Bitcoin worth is now buying and selling beneath $103,800 and the 100 hourly Simple transferring common. On the upside, fast resistance is close to the $102,000 stage. The first key resistance is close to the $103,000 stage or the 50% Fib retracement stage of the current decline from the $106,246 swing excessive to the $99,538 low.
A transparent transfer above the $103,000 resistance may ship the worth greater. The subsequent key resistance might be $104,650. An in depth above the $104,650 resistance may ship the worth additional greater. In the said case, the worth might rise and check the $106,250 resistance stage. Any extra features may ship the worth towards the $108,500 stage.
More Losses In BTC?
If Bitcoin fails to rise above the $103,000 resistance zone, it might begin a draw back correction. Immediate assist on the draw back is close to the $100,500 stage. The first main assist is close to the $100,000 stage.
The subsequent assist is now close to the $98,800 zone. Any extra losses may ship the worth towards the $96,500 assist in the close to time period.
Technical indicators:
Hourly MACD – The MACD is now dropping tempo in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now beneath the 50 stage.
Major Support Levels – $100,500, adopted by $100,000.
Major Resistance Levels – $103,000 and $104,650.
