Bitcoin price started a short-term downside correction from the $106,250 zone. BTC is consolidating above $100,000 and might aim for a fresh increase.
- Bitcoin started a downside correction from the $106,250 zone.
- The price is trading below $103,500 and the 100 hourly Simple moving average.
- There was a break below a key bullish trend line with support at $104,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it stays above the $100,000 support zone.
Bitcoin Price Holds $100K
Bitcoin price started a decent upward move above the $100,000 zone. BTC was able to climb above the $102,500 and $103,800 levels.
A high was formed at $106,246 and the price recently started a downside correction. There was a drop below the $104,000 and $103,500 levels. Besides, there was a break below a key bullish trend line with support at $104,650 on the hourly chart of the BTC/USD pair.
A low was formed at $99,538 and the price is now rising. There was a move above the 23.6% Fib retracement level of the recent decline from the $106,246 swing high to the $99,538 low.
Bitcoin price is now trading below $103,800 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $102,000 level. The first key resistance is near the $103,000 level or the 50% Fib retracement level of the recent decline from the $106,246 swing high to the $99,538 low.
A clear move above the $103,000 resistance might send the price higher. The next key resistance could be $104,650. A close above the $104,650 resistance might send the price further higher. In the stated case, the price could rise and test the $106,250 resistance level. Any more gains might send the price toward the $108,500 level.
More Losses In BTC?
If Bitcoin fails to rise above the $103,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $100,500 level. The first major support is near the $100,000 level.
The next support is now near the $98,800 zone. Any more losses might send the price toward the $96,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $100,500, followed by $100,000.
Major Resistance Levels – $103,000 and $104,650.
