Bitcoin value struggled to clear the $107,200 resistance zone. BTC is correcting positive factors and would possibly revisit the $100,000 assist zone.
- Bitcoin began a draw back correction from the $107,200 zone.
- The value is buying and selling beneath $104,500 and the 100 hourly Simple shifting common.
- There is a key bearish development line forming with resistance at $103,650 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may begin one other enhance if it stays above the $100,500 assist zone.
Bitcoin Price Dips Again
Bitcoin value began a decent upward transfer above the $103,500 zone. BTC was capable of climb above the $104,500 and $105,000 ranges.
The bulls even pushed the value above the $106,000 stage. However, the bears have been lively close to the $107,200 zone. A excessive was fashioned at $107,200 and the value is now correcting positive factors. There was a transfer beneath the $105,000 stage.
There was a transfer beneath the 50% Fib retracement stage of the upward transfer from the $100,114 swing low to the $107,200 excessive. Bitcoin value is now buying and selling beneath $104,500 and the 100 hourly Simple moving average.
On the upside, speedy resistance is close to the $103,000 stage. The first key resistance is close to the $103,500 stage. There can also be a key bearish development line forming with resistance at $103,650 on the hourly chart of the BTC/USD pair. A transparent transfer above the $103,650 resistance would possibly ship the value larger. The subsequent key resistance might be $104,500.
An in depth above the $104,500 resistance would possibly ship the value additional larger. In the said case, the value may rise and check the $107,200 resistance stage and a brand new all-time excessive. Any extra positive factors would possibly ship the value towards the $112,500 stage.
More Losses In BTC?
If Bitcoin fails to rise above the $104,000 resistance zone, it may begin a draw back correction. Immediate assist on the draw back is close to the $101,750 stage or the 76.4% Fib retracement stage of the upward transfer from the $100,114 swing low to the $107,200 excessive. The first main assist is close to the $100,500 stage.
The subsequent assist is now close to the $100,000 zone. Any extra losses would possibly ship the value towards the $88,500 assist within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now beneath the 50 stage.
Major Support Levels – $101,650, adopted by $100,500.
Major Resistance Levels – $103,650 and $104,500.
