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Bitcoin prices have begun a new decline below the $103,000 zone. BTC is currently consolidated and could struggle to recover beyond $103,500 in resistance.
- Bitcoin has begun a new decline below the $103,000 zone.
- The price is below $102,500 and trades a 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), there is an important bearish trend line where resistance forms at $101,250.
- The pair could begin a new increase if they are above the $100,000 zone.
Bitcoin prices drop even further
Bitcoin prices have started A new decline Under the $105,500 zone. BTC picked up the pace, falling below the $104,200 and $103,000 levels.
There was a clear move below the $102,000 support level. Finally, we tested the zone priced at $98,250. The lows formed at $98,277, and prices began the integration phase. There was a slight recovery above the 23.6% FIB retracement level of the downward movement from a $106,470 Swing High to a low of $98,277.
However, the bear was more active than the $101,200 zone. Bitcoin is currently trading under $102,000 100 hours simple moving average. There is also a key bearish trend line where resistance forms at $101,250 on the hourly chart of the BTC/USD pair.
The advantage is that immediate resistance is close to the $101,250 level. The first key resistance ranges from a downward movement of the $102,500 level or 50% FIB retracement level to a low of $98,277. The next important resistance is $103,500.
Over $103,500 resistance could lead to even higher prices. If stated, the price could rise and test resistance levels of $105,000. Any further profit could potentially send the price towards the $106,200 level.
Another drop in BTC?
If Bitcoin cannot rise above the $102,000 resistance zone, it could begin another decline. Immediate support is close to the $100,150 level. The first major support is close to the $98,500 level.
The following support is located near the $96,500 zone: Any further losses could send the price to $95,500 in the short term. The main support is $95,000, and BTC may have a hard time finding a bid.
Technical indicators:
HOURLY MACD – MACD is currently losing pace in the bear zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is below 50 level.
Key support levels – $100,150, then $100,000.
Major resistance levels – $101,250 and $103,500.
