Bitcoin price started another decline below the $105,000 range. BTC is down almost 5% and trying to close below the $100,000 support area.
- Bitcoin started a fresh decline from the $108,000 front area.
- The price is trading below $104,000 and the simple moving average is 100 hourly.
- A connecting bearish trend line is forming with resistance at $102,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a new rally if it holds above the $98,000 support area.
The price of Bitcoin is going up
Bitcoin price tried more gains above the Resistance zone $ 108,000. However, BTC did not continue higher and responded to the drop below the $105,000 level.
There was a clear move below the $102,500 support level. The price even dropped below $100,000. A low was formed at $98,728 and the price is now consolidating losses. There is also a connecting bearish trend line forming with resistance at $102,000 on the hourly chart of the BTC/USD pair.
The price of Bitcoin is now trading below $104,000 and the price of Bitcoin is now trading below $104,000 100 hourly simple moving average. On the upside, the price could face close to the $100,500 level. It is near the 23.6% Fib level of the move down from the $108,297 swing high to the $98,728 low.
The first major resistance is near the $101,000 level and the trend line. A clear move above the $101,000 resistance could send the price higher. The next major offering could be $102,250. A close above the $102,250 resistance could send the price higher.
In the given case, the price could rise and test the $103,500 resistance level or the 50% Fib level of the downtrend from the $108,297 swing high to the $98,728 low. Any other benefits could push the price to the $106,000 level.
More downsides in BTC?
If Bitcoin does not rise above the $101,000 resistance zone, it could continue to decline. 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 area. Any further losses could send the price to the $95,500 support in the near term.
Technical specifications:
Hourly MACD – The MACD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Top Support Levels – $98,000, followed by $96,500.
Key Resistance Levels – $101,000, and $102,000.
