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Bitcoin’s price began a new decline under the $106,200 area. BTC has now been consolidating, and is facing resistance around the $105,500 area.
- Bitcoin began a new decline under the $106,000 area.
- The 100-hour Simple moving average and price are below 106,000 dollars.
- On the hourly BTC/USD chart, there is a major bearish trendline with resistance around $105,200 (data from Kraken).
- It is possible that the pair will start an increase again if they stay above the $103,500 area.
Bitcoin price begins to consolidate
The Bitcoin price has started to rise. fresh decline Under the $108,000 level. BTC continues to gain momentum and has dipped under the $107,000- and $106,000-levels.
A clear movement was seen below the support level of $105,500. Eventually, the price reached the $103,500 level. The price formed a new low at $103,400. The price moved above the Fib level for the 23.6% retracement of the decline from the swing high at $108,924 to the low at $103,400.
But the bears were also active beneath the $105,500 level. Bitcoin has fallen below the $105,500 level and is currently trading at a loss. 100 hourly Simple moving average. A key trend line is also developing with a resistance level of $105,200 at the hourly BTC/USD.
The immediate resistance on the upside is located near $105,200. Near the $105,500 mark, we find our first major resistance. The next major resistance level could be $106,150. This is the level where the fib retracement 50% of the move downward from the swing-high $108,924 to the lower $103,400 has occurred.
The price could rise if it closes the gap above $106,150. The price may rise to test $108,800 as in the case stated. Further gains could push the price towards the $110,000 level.
BTC to decline again?
Bitcoin’s next decline could be triggered if the price fails to climb above $105,500. The immediate support level is around $104,200. The level of immediate support for the first big project is around $103,500.
Next support zone is near $102,650. In the short term, any further losses could send the price towards the support of $101,200. BTC may lose momentum if it falls below $100,000.
Indicators of technical indicators
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major Support Levels – $104,200, followed by $103,500.
Major Resistance Levels – $105,500 and $106,200.
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Source: www.newsbtc.com
