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 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.
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.
[#item_full_content]NewsBTCRead MoreBitcoin and crypto staged their strongest rally in months as Treasury intervention, regulatory moves and…
Treasury buybacks are not QE, analysts said, but the move helped pull long-term yields off…
ZEC traded above its January 2018 peak as futures volume hit billions of dollars and…
Bitcoin Magazine Smart Money Helping Support Bitcoin Rebound, Says Pantera Capital American investment firm Pantera…
Bitcoin Magazine Legendary Investor Ray Dalio Touts Bitcoin — With Gold — To Hedge Against…
Hashdex has begun liquidating its Hashdex Bitcoin ETF, ticker DEFI, marking the first closure of…
