Bitcoin price struggles to clear the $107,200 resistance zone. BTC is recovering gains and may retrace to the $100,000 support zone.
- Bitcoin started a downside correction from the $107,200 zone.
- The price is trading below $104,500 and the 100 hourly simple moving average.
- A key bearish trend line is forming with resistance at $103,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may initiate another rally if it remains above the $100,500 support zone.
Bitcoin price dropped again
The price of Bitcoin started a Upward decent Move above the $103,500 zone. BTC was able to climb above the $104,500 and $105,000 levels.
Bulls also pushed the price above the $106,000 level. However, bears were active near the $107,200 zone. A high was made at $107,200 and the price is now recovering gains. There was a move below the $105,000 level.
There was a move below the 50% Fib retracement level of the upward move from the $100,114 swing low to the $107,200 high. Bitcoin price is now trading below $104,500 and 100 hourly simple moving average.
On the downside, immediate resistance is near the $103,000 level. The first major resistance is near the $103,500 level. There is also a key bearish trend line with resistance at $103,650 on the hourly chart of the BTC/USD pair. A clear move above the $103,650 resistance could send the price higher. The next major resistance could be $104,500.
A close above the $104,500 resistance could send the price higher. In the mentioned case, the price could rise and test the $107,200 resistance level and a new all-time high. Any further gains could send the price towards the $112,500 level.
More losses in BTC?
If Bitcoin fails to break above the $104,000 resistance zone, it could initiate a downside correction. Immediate support on the downside is near the $101,750 level or the 76.4% Fib retracement level from the $100,114 swing low to the $107,200 high. The first major support is near the $100,500 level.
The next support is now near the $100,000 zone. Any further losses could send the price towards the $88,500 support in the near term.
Technical Indicators:
Hourly MACD – MACD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Main support level – $101,650, followed by $100,500.
Key resistance levels – $103,650 and $104,500.
