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Bitcoin price started a new decrease and tested the $ 104,600 zone. BTC is now consolidating and may have difficulty recovering more than $ 107,500.
- Bitcoin started a new fall below $ 107,500 zone.
- The price is traded under $ 107,000 and the simple simple advancing average of 100 hours.
- There is a connecting Bearish trend line that forms with resistance to $ 107,550 on the hour table of the BTC/USD pair (data feed from Kraken).
- The couple can increase losses if it breaks the $ 104,000 support zone.
Bitcoin -price drops further
Bitcoin Price started a new decrease and traded under the $ 107,500 support zone. BTC even traded below the level of $ 105,600 and tested the following support at $ 104,600.
A low point was formed at $ 104,604 and the price is now losing consolidation. There was a movement above the level of $ 105,200, but the price is still below the 23.6% FIB racement level of the recent decrease of the $ 110,500 swing high to $ 104,604 low.
Bitcoin is now traded under $ 107,000 and the 100 -hour simple advancing average. At the top is immediate resistance near the level of $ 106,000.
The first key resistance is near the level of $ 107,000. The next key resistance can be $ 107,500. There is also a connecting Bearish trend line that forms with resistance to $ 107,550 on the hour table of the BTC/USD pair. It is close to the 50% FIB racement level of the recent decrease of the $ 110,500 swing high to $ 104,604 low.
A close -up resistance of $ 107,500 can further send the price. In the case mentioned, the price could rise and the resistance level of $ 108,000 tests. More profits can send the price to the $ 110,000 level.
Another drop in BTC?
If Bitcoin does not rise above the $ 107,500 resistance zone, this can start a new decrease. Immediate support is close to the level of $ 104,500. The first major support is near the level of $ 104,000.
The next support is now near the $ 103,200 zone. More losses can send the price to the $ 102,500 in the short term. The most important support is $ 101,200, including BTC may get Bearish Momentum.
Technical indicators:
MACD per hour – The MACD now wins pace in the bearish zone.
Picly RSI (relative strength -index) -The RSI for BTC/USD is now below the 50 -level level.
Important support levels – $ 104,000, followed by $ 103,200.
Important resistance levels – $ 106,000 and $ 107,000.