Bitcoin price started another decline below the $105,000 zone. BTC is down about 5% and looking to close below the $100,000 support zone.
- Bitcoin started a recent decline from the $108,000 resistance zone.
- The price is trading below $104,000 and the 100 hourly simple moving average.
- There is a connecting bearish trend line with resistance at $102,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may initiate a fresh rally if it remains above the $98,000 support zone.
The price of Bitcoin takes a hit
Tried to make more profit on the price of wikipedia $108,000 resistance zone. However, BTC failed to continue higher and reacted to the downside below the $105,000 level.
There was a clear move below the $102,500 support level. The price dropped below $100,000. A low was made at $98,728 and the price is now consolidating losses. There is also a connecting bearish trend line with resistance at $102,000 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading below $104,000 and 100 hourly simple moving average. On the upside, the price may face resistance near the $100,500 level. It is near the 23.6% Fib retracement level of the downside move from the $108,297 swing high to the $98,728 low.
The first key resistance is near the $101,000 level and trend line. A clear move above the $101,000 resistance could send the price higher. The next major resistance could be $102,250. A close above the $102,250 resistance could send the price higher.
In the mentioned case, the price could move higher and test the $103,500 resistance level or the 50% Fib retracement level of the move down from the $108,297 swing high to the $98,728 low. Any further gains could send the price towards the $106,000 level.
More losses in BTC?
If Bitcoin fails to break above the $101,000 resistance zone, it may continue to move lower. Immediate support on the downside is near the $98,500 level.
The first major support is near the $98,000 level. The next support is now near the $96,200 zone. Any further losses could send the price towards the $95,500 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 – $98,000, followed by $96,500.
Key resistance levels – $101,000, and $102,000.
