Bitcoin price started a short-term downside correction after setting a new all-time high. BTC is consolidating above $101,000 and could target a new rally.
- Bitcoin started a downside correction from the $109,000 zone.
- The price is trading below $104,500 and the 100 hourly simple moving average.
- There is a connecting bearish trend line with resistance at $104,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may initiate another rally if it remains above the $100,000 support zone.
Bitcoin price sets new ATH
The price of Bitcoin started a Appropriate upward steps Above the $102,000 zone. BTC was able to climb above the $104,500 and $103,800 levels.
Bulls also pushed the price above the $107,000 level. The price trades at a new all-time high at $109,112 and recently underwent a downside correction. There was a decline below the $104,500 and $103,500 levels. The price dropped below $102,000.
A low was made at $100,114 and the price is now moving higher. The $109,112 swing high to the $100,114 low was a move toward the 23.6% Fib retracement level of the recent decline.
Bitcoin price is now trading below $104,500 and 100 hourly simple moving average. On the upside, immediate resistance is near the $104,000 level. Additionally, there is a converging bearish trend line with resistance at $104,000 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $104,500 level or the 50% Fib retracement level of the recent decline from the $109,112 swing high to the $100,114 low.
A clear move above the $104,500 resistance could send the price higher. The next major resistance could be $106,500. A close above the $106,500 resistance could send the price higher. In the mentioned case, the price may rise and test the $108,000 resistance level. Any further gains could send the price towards the $109,500 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 $100,500 level. The first major support is near the $100,000 level.
The next support is now near the $98,800 zone. Any further losses could send the price towards the $96,500 support in the near term.
Technical Indicators:
Hourly MACD – MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Main support level – $100,500, $100,000 thereafter.
Key resistance levels – $104,000 and $105,500.
