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Bitcoin Price started a new increase and tested the $ 105,000 area. BTC now corrects gains with a short -term lowering angle below $ 103,500.
- Bitcoin started a correction from the resistance area of $ 105,000.
- The price is negotiated below $ 103,800 and the single mobile average of 100 hours.
- There was a break below an upward connection line of connection with a support at $ 103,600 on the time table of the BTC / USD pair (Kraken data flow).
- The pair could drop more if it remains below $ 105,000 zone.
The price of bitcoin corrects gains
The price of bitcoin began a new increase compared to $ 102,500 support area. BTC formed a base and was able to clean the resistance area of $ 103,500. In addition, Bulls even pushed the price above $ 104,200.
The pair increased to $ 105,000. A summit was formed at $ 104,980 and the price now corrects gains. There was a movement below the level of FIB trace of 23.6% of the upward movement from the bottom of $ 100,772 at the highest $ 104,980.
In addition, there was a break below an upward connection line of connection with a support at $ 103,600 on the time table of the BTC / USD pair. Bitcoin is now negotiated below $ 103,500 and the 100 hours on the simple mobile average.
However, the bulls are now active near the level of $ 102,850 and the FIB trace level at 50% of the swing increase of $ 100,772 in terms of $ 104,980. Uplining, immediate resistance is close to the level of $ 103,600. The first resistance of the keys is close to the level of $ 104,200.
The next key resistance could be $ 105,000. A higher fence of the resistance of $ 105,000 could send the higher price. In the indicated case, the price could increase and test the resistance level by $ 106,500. Other gains could send the price at $ 108,000.
No more BTC losses?
If Bitcoin does not exceed the resistance zone of $ 104,200, it could start another decline. Immediate support is close to the level of $ 102,850. The first major support is close to the level of $ 101,750.
The next support is now close to the $ 100,500 area. Other losses could send the price to the support of $ 100,000 in the short term. The main support is at $ 98,800.
Technical indicators:
MacD Schedule – The MacD is now gaining a pace in the lower area.
Schedule RSI (Relative force index) – The RSI for BTC / USD is now lower than level 50.
Major support levels – $ 102,850, followed by $ 101,750.
Major resistance levels – $ 104,200 and $ 105,000.
