Bitcoin price started a short-term downward correction from the $106,250 zone. BTC is consolidating above $100,000 and could be aiming for another surge.
- Bitcoin started a downward 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 trendline with support at $104,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise again if it remains 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 USD 102,500 and USD 103,800 levels.
It peaked at $106,246 and the price recently started a downward correction. There was a decline below the $104,000 and $103,500 levels. Additionally, there was a break below a key bullish trendline 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 around the $102,000 level. The first major 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 USD 103,000 resistance could push the price higher. The next major resistance could be $104,650. A close above the resistance at $104,650 could send the price higher. In the said case, the price could rise and test the USD 106,250 resistance level. Any further gains could send the price towards the USD 108,500 level.
Lose more in BTC?
If Bitcoin fails to rise above the $103,000 resistance zone, a downward correction could occur. The immediate downside support 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 further losses could send the price towards the USD 96,500 support in the short 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 – USD 100,500, followed by USD 100,000.
Major resistance levels – $103,000 and $104,650.
