Bitcoin price struggled to break out of the $107,200 resistance zone. BTC is correcting its gains and may revisit the $100,000 support zone.
Bitcoin started a downward correction from the $107,200 zone. The price is trading below the 100-hour simple moving average at $104,500. The hourly chart of the BTC/USD pair has a major bearish trendline forming resistance at $103,650 (data feed from Kraken). If it breaks out above the $100,500 support zone, the pair could start a further move higher.
Bitcoin price falls again
Bitcoin price has started a decent rise above the $103,500 zone. BTC was able to break above the $104,500 and $105,000 levels.
The bulls pushed the price to the $106,000 level. However, the bears remained active near the $107,200 zone. The high was formed at $107,200 and the price is currently correcting up. There was a move below the $105,000 level.
There was a move below the 50% Fib retracement level of the upward movement from the swing low of $100,114 to the high of $107,200. Bitcoin price is currently trading below $104,500 and the 100-hour simple moving average.
On the upside, immediate resistance lies near the $103,000 level. The first major resistance level is near the $103,500 level. There is also a major bearish trendline forming resistance at $103,650 on the hourly chart of the BTC/USD pair. A clear break above the $103,650 resistance could push the price higher. The next major resistance level could be at $104,500.
If the price closes above the $104,500 resistance, the price could move higher. In the above case, the price could rise and test the $107,200 resistance level and new highs. Further upside could push the price closer to the $112,500 level.
Further losses for BTC?
If Bitcoin fails to rise above the $104,000 resistance zone, a downside correction could begin. Immediate support on the downside is near the $101,750 level, or the 76.4% Fib retracement level of the swing low of $100,114 to the high of $107,200. The first major support is near the $100,500 level.
The next support is currently approaching the $100,000 zone. Any further losses could send the price towards the $88,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is currently pacing in the bearish zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is currently below the 50 level.
Major support levels – $101,650, followed by $100,500.
Key resistance levels – $103,650 and $104,500.
