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Bitcoin Price began a new drop below $ 103,000 zone. BTC is now consolidated and may have trouble recovering above the resistance of $ 103,500.
- Bitcoin started a new drop below $ 103,000 zone.
- The price is negotiated below $ 102,500 and the single mobile average of 100 hours.
- There is a wrestling trend line forming with resistance at $ 101,250 on the time graph of the BTC / USD pair (Kraken data flow).
- The pair could start a new increase if it remains above the $ 100,000 area.
The price of bitcoin drops further
The price of Bitcoin began a Fresh decline Under the $ 105,500 zone. BTC acquired a pace and dropped below $ 104,200 levels and $ 103,000.
There was a clear decision below the level of support of $ 102,000. Finally, the price tested the $ 98,250 area. A hollow was formed at $ 98,277 and the price started a consolidation phase. There has been a minor recovery above the FIB trace level of 23.6% of the downward move of the swing of $ 106,470 at the bottom of $ 98,277.
However, bears were active below the $ 101,200 zone. Bitcoin is now negotiated below $ 102,000 and the 100 hours on the simple mobile average. There is also a wrench tendency line forming with resistance at $ 101,250 on the time table of the BTC / USD pair.
Uplining, immediate resistance is close to the level of $ 101,250. The first resistance of the keys is close to the level of $ 102,500 or the FIB trace level at 50% of the trip to the swing of $ 106,470 in terms of $ 98,277. The next keys could be $ 103,500.
A higher fence of the resistance of $ 103,500 could send the higher price. In the indicated case, the price could increase and test the resistance level by $ 105,000. Other gains could send the price at $ 106,200.
Another drop in BTC?
If Bitcoin does not exceed the resistance zone of $ 102,000, it could start another drop. Immediate support is close to the level of $ 100,150. The first major support is close to the level of $ 98,500.
The next support is now close to the $ 96,500 area. Other losses could send the price to the support of $ 95,500 in the short term. The main support is at $ 95,000, below which BTC could find it difficult to find offers.
Technical indicators:
MacD Schedule – The MacD is now losing 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 – $ 100,150, followed by $ 100,000.
Major resistance levels – $ 101,250 and $ 103,500.