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Bitcoin Price began a new drop below $ 106,200 zone. BTC now consolidates and faces the resistance near the $ 105,500 area.
- Bitcoin started a new drop below $ 106,000 zone.
- The price is negotiated below $ 106,000 and the single single mobile average of 100 hours.
- There is a wrestling trend line forming with resistance at $ 105,200 on the time graph of the BTC / USD pair (Kraken data flow).
- The pair could start a new increase if it remains above the $ 103,500 zone.
The price of bitcoin begins consolidation
The price of Bitcoin began a Fresh decline Under the $ 108,000 area. BTC acquired a pace and dropped below $ 107,000 and $ 106,000 levels.
There was a clear movement below the level of support of $ 105,500. Finally, the price tested the $ 103,500 area. A hollow was formed at $ 103,400 and the price began a wave of minor recovery. There was a movement above the FIB trace level of 23.6% of the downward movement of the swing of $ 108,924 in terms of $ 103,400.
However, the bears were active below the $ 105,500 zone. Bitcoin is now negotiated below $ 105,500 and the 100 hours on the simple mobile average. There is also a wrestling trend line forming with resistance at $ 105,200 on the time table of the BTC / USD pair.
Uplining, immediate resistance is close to the level of $ 105,200. The first resistance of the keys is close to the level of $ 105,500. The next key resistance could be $ 106,150. It is near the FIB retracement level at 50% of the moving down of the swing of $ 108,924 high at the lowest of $ 103,400.
A fence greater than the resistance of $ 106,150 could send the higher price. In the indicated case, the price could increase and test the resistance level by $ 108,800. Other gains could send the price at $ 110,000.
Another drop in the BTC?
If Bitcoin does not exceed the resistance zone of $ 105,500, it could start another drop. Immediate support is close to the level of $ 104,200. The first major support is close to the level of $ 103,500.
The following support is now close to the $ 102,650 area. Other losses could send the price to the support of $ 101,200 in the short term. The main support is at $ 100,000, below which BTC could take a lower momentum.
Technical indicators:
MacD Schedule – The MacD is now losing a pace in the lower area.
Hourly RSI (Relative force index) – The RSI for BTC / USD is now close to level 50.
Major support levels – $ 104,200, followed by $ 103,500.
Major resistance levels – $ 105,500 and $ 106,200.