Bitcoin has begun a new decline after it reached the zone of $110,000. BTC has started to decline and could trade under the support level of $107,500.
- Bitcoin has started to decline again from its $110,000 area.
- The 100-hour Simple moving average and price are below $108 500.
- The hourly chart shows a breakout below a bullish trendline with support of $108,200. (Data feed from Kraken)
- If the pair stays above $106,500, it could begin a new increase.
Bitcoin price drops again
The Bitcoin price has started to rise. fresh increase After it settled over the $108,500 resistence. BTC had to overcome many hurdles to reach $109,000 before it could start to increase. However, the coin failed to surpass $110,000.
At $109,700, a new high formed and the price began to decline. The price moved below both the $109200 and $108,500 marks. On the hourly BTC/USD chart, a significant bullish trendline with support of $108,200 was broken.
Bitcoin now trades below $100,500. 100 hourly Simple moving average. The immediate resistance on the upside is located near $108,150. This is near the Fib 23.6% retracement of the decline from the swing high at $109,700 to the low at $107,674.
The $108,500 or 50% Fib level is the first major resistance. It represents the previous downward movement from the $109 700 swing high down to $107 674 low. The price could rise further if the resistance level of $108,500 is breached. Price could test and rise above the $110,000 level in the case stated. Price could reach $112,000 if it gains more. Main target may be $115,000.
BTC Losses Increased?
Bitcoin could begin a new decline if it fails to break through the resistance zone of $108,500. The immediate support level is around $107 500. The level of immediate support for the first big project is around $106,500.
Next support zone is near $105,500. Price could drop to $104,200 in near-term if it continues to fall. BTC could continue to fall if it falls below $103,500.
Indicators of technical indicators
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $107,500, followed by $106,500.
Major Resistance Levels – $108,500 and $106,500.
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Source: www.newsbtc.com
