Bitcoin prices have begun a new increase, testing the $105,000 zone. BTC is currently revising its profits with a short-term bearish angle of under $103,500.
- Bitcoin has begun its revision from the $105,000 resistance zone.
- The price is below $103,800 and trades a 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), there was a break below the bullish trendline connecting with $103,600.
- The pair could get even more soaked if they're below the $105,000 zone.
Bitcoin price corrects profit
Bitcoin prices have begun a new increase from the $102,500 support zone. The BTC formed the base and managed to clear the $103,500 resistance zone. Additionally, the Bulls have pushed up prices above $104,200.
The pair surged to $105,000. The high was formed at $104,980, and the price is currently correcting profits. There was a move below the 23.6% FIB retracement level from the $100,772 Swing Low to $104,980.
Plus, on the hourly wage chart for the BTC/USD pair, there was a break below the bullish trendline that connects. Bitcoin is currently trading under $103,500 and trades a simple moving average every 100 hours.
However, the Bulls are currently active near the $102,850 level, with a 50% FIB retracement level of FIB retracement level of upwards from a $100,772 swing to $104,980. The advantage is that immediate resistance is close to the $103,600 level. The first important resistance is close to the $104,200 level.
The next important resistance could be $105,000. Over $105,000 resistance could lead to even higher prices. If stated, the price could rise and test resistance levels of $106,500. Any further profit could potentially send the price towards the $108,000 level.
More losses in BTC?
If Bitcoin does not rise beyond the $104,200 resistance zone, it may begin another shortcoming correction. Immediate support is close to the $102,850 level. The first major support is close to the $101,750 level.
The following support is located near the $100,500 zone: Any further losses could send the price to $100,000 in support in the short term. The main support is $98,800.
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 – $102,850, then $101,750.
Major resistance levels – $104,200 and $105,000.
