Bitcoin’s price drops below $110,000 again. BTC could continue to decline if it remains below the USD 110,000 resistance.
- Bitcoin started a new decline below the $109,500 support.
- The price is trading below $109,000 and the 100 hourly Simple Moving Average.
- A bearish trendline is forming with resistance at $109,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to decline if it trades below the $107,400 zone.
Bitcoin price is rejected
Bitcoin price failed to stay above the $110,500 pivot level and started a new decline. BTC fell below USD 110,000 and USD 109,500 to enter a bearish zone.
The decline was such that the price traded below the 50% Fib retracement level of the upward move from the $106,312 swing low to the $111,000 high. Furthermore, a bearish trendline is forming with resistance at $109,800 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading below $109,000 and the 100 hourly Simple Moving Average. If the bulls attempt another surge, the price may encounter resistance near the $109,500 level. The first major resistance is near the $109,800 level and trendline.
The next resistance could be $110,500. A close above the resistance at $110,500 could send the price higher. In the mentioned case, the price could rise and test the USD 111,200 resistance. Any further gains could send the price towards the USD 113,500 level. The next threshold for the bulls could be $115,000 and $115,500.
Lose more in BTC?
If Bitcoin fails to rise above the $109,800 resistance zone, it could continue to decline. Immediate support is near the $107,400 level or the 76.4% Fib retracement level of the upward move from the $106,312 swing low to the $111,000 high. The first major support is near the $106,500 level.
The next support is now near the $105,500 zone. Any further losses could send the price towards the $104,200 support in the near term. The key support is at $103,500, below which BTC could struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – $107,400, followed by $106,500.
Major resistance levels – $109,800 and $110,500.