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Bitcoin has begun a new decline under the $106,000 area. BTC may soon be aiming for an increase over the $105,500 area.
- Bitcoin has started to decline again below $106,000.
- Price is below the Simple Moving Average of 100 hours and $105,500.
- The hourly chart for the BTC/USD pairs shows a bearish key trend line with resistance of $104,850. (Data feed from Kraken)
- It is possible that the pair will start an increase again if they stay above the $103,500 area.
Bitcoin Price Faces Resistance
The Bitcoin price has started to rise. fresh decline Under the $107,500 level. BTC’s price accelerated and fell below levels of $106,200, $106,000.
A clear movement was seen below the $105,000 level. Finally, price reached the $103,500 level. At $103,400, a new low formed and the price entered a consolidation period. The price climbed over the Fib level 23.6% retracement of the decline from the swing high at $108,925 to the low at $103,400.
The bears are active under the $105,000 area. Bitcoin has fallen below the $105,000 mark and is currently trading at $92,500. 100 hourly Simple moving average. A key trend line is also developing with resistance around $104,850 in the BTC/USD hourly chart.
The immediate resistance on the upside is around the $105,000 mark. Near the $105,500 mark, we find our first major resistance. The next major resistance level could be $106,150. The price is close to the Fib 50% retracement of the decline from the swing high at $108,925 down to the low $103,400.
The price could rise if it closes the gap above the $106,150 level of resistance. Price could test $108,000 and rise above it in this case. If there are any further gains, the price could rise to the $108,800 mark.
A Drop in BTC Prices?
Bitcoin could begin a new decline if it fails to break through the resistance zone of $105,000. Near the $104,150 mark, there is immediate support. First major support nears $103,500.
Near the 102,500-dollar zone, we are now approaching our next support. 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.
The following are 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 above the 50 level.
Major Support Levels – $104,150, followed by $103,500.
Major Resistance Levels – $105,000 and $106,200.
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Source: www.newsbtc.com
