Bitcoin price struggled to break the USD 102,000 resistance zone. BTC is correcting gains and could test the USD 97,500 support zone.
- Bitcoin started a downward correction from the $102,000 zone.
- The price is trading above $98,000 and the 100 hourly Simple Moving Average.
- There was a break below a connecting bullish trendline with support at $101,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a new rise if it remains above the $97,500 support zone.
Bitcoin price drops again
Bitcoin price formed a base and started a new increase above the $98,800 zone. There was a move above the USD 99,200 and USD 99,500 levels.
The price even reached the $100,000 level, but the bears were active near the $102,000 zone. It reached a high at $102,500 and the price is now consolidating gains. It is slowly moving lower below the 23.6% Fib retracement level of the recent wave, from the $94,315 swing low to the $102,500 high.
There was a break below a connecting bullish trendline with support at $101,000 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $98,000 and the 100 hourly Simple Moving Average.
On the upside, the price could encounter resistance near the USD 100,500 level. The first major resistance is around the $101,500 level. A clear move above the USD 101,500 resistance could push the price higher. The next major resistance could be at $102,000. A close above the USD 102,000 resistance could send the price rising further.
In the said case, the price could rise and test the USD 104,000 resistance level. Any further gains could send the price towards the $105,000 level.
Lose more in BTC?
If Bitcoin fails to rise above the $102,000 resistance zone, the price may continue to decline. The immediate downside support is near the $98,400 level or the 50% Fib retracement level of the recent wave from the $94,315 swing low to the $102,500 high.
The first major support is near the $97,500 level. The next support is now near the $96,250 zone. Any further losses could send the price towards the $95,000 support in the short 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 – USD 98,400, followed by USD 97,500.
Major resistance levels – $102,000 and $104,000.