Bitcoin price struggled to clear the $107,200 resistance zone. BTC is correcting gains and might revisit the $100,000 support zone.
Bitcoin started a downside correction from the $107,200 zone.
The price is trading below $104,500 and the 100 hourly Simple moving average.
There is a key bearish trend line forming with resistance at $103,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it stays above the $100,500 support zone.
Bitcoin Price Dips Again
Bitcoin price started a decent upward move above the $103,500 zone. BTC was able to climb above the $104,500 and $105,000 levels.
The bulls even pushed the price above the $106,000 level. However, the bears were active near the $107,200 zone. A high was formed at $107,200 and the price is now correcting gains. There was a move below the $105,000 level.
There was a move below the 50% Fib retracement level of the upward move from the $100,114 swing low to the $107,200 high. Bitcoin price is now trading below $104,500 and the 100 hourly Simple moving average.
On the upside, immediate resistance is near the $103,000 level. The first key resistance is near the $103,500 level. There is also a key bearish trend line forming with resistance at $103,650 on the hourly chart of the BTC/USD pair. A clear move above the $103,650 resistance might send the price higher. The next key resistance could be $104,500.
A close above the $104,500 resistance might send the price further higher. In the stated case, the price could rise and test the $107,200 resistance level and a new all-time high. Any more gains might send the price toward the $112,500 level.
More Losses In BTC?
If Bitcoin fails to rise above the $104,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $101,750 level or the 76.4% Fib retracement level of the upward move from the $100,114 swing low to the $107,200 high. The first major support is near the $100,500 level.
The next support is now near the $100,000 zone. Any more losses might send the price toward the $88,500 support in the near term.
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 – $101,650, followed by $100,500.
Major Resistance Levels – $103,650 and $104,500.
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