Bitcoin prices began a new decline, testing the $100,500 zone. BTC is currently integrated and could extend losses below the $100,000 level.
- Bitcoin has begun a new decline below the $104,000 zone.
- The price is below $104,000 and trades a simple 100-hour moving average.
- There was a break under a key bullish trend line with $104,600 support on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could begin a new decline if they break the $100,500 support zone.
Bitcoin prices drop even further
Bitcoin prices began a new decline, trading below the $104,500 support zone. BTC was below the $104,200 level to enter the short-term bearish zone.
Plus, it fell below the key bullish trendline with $104,600 support on the BTC/USD pair hourly wage chart. Finally, the pair tested a $100,500 support zone. The lowest is formed at $100,400, and the price consolidates the losses.
There was a movement beyond the $101,500 level. BTC tested the 23.6% FIB retracement level of its recent decline from the recent Swing High of $106,820 to the low of $100,400.
Bitcoin is currently below $103,000 and is trading a simple 100-hour moving average. The advantage is that immediate resistance is close to the $102,000 level. The first important resistance is close to the $103,200 level. The next important resistance is $103,600. This is close to the 50% FIB retracement level from the recent swing high of $106,820 to the low of $100,400.
Over $103,600 resistance could lead to even higher prices. If stated, the price could rise and test a resistance level of $104,200. Any further profit could potentially send the price towards the $105,000 level.
More losses in BTC?
If Bitcoin does not rise above the $103,200 resistance zone, it could begin another decline. Immediate support is close to the $101,200 level and trendline. The first major support is close to the $100,500 level.
The following support is located near the $100,000 zone: Any further losses could send the price to $98,500 in the short term. The main support is $97,200, and below BTC you could potentially gain bearish momentum.
Technical indicators:
HOURLY MACD – MACD is currently increasing its pace in the bear zone.
Hourly RSI (Relative Strength Index) – BTC/USD's RSI is below 50 level.
Key support levels – $101,200, $100,500.
Major resistance levels – $102,000 and $103,600.
