Bitcoin price struggled near $107,000 and corrected gains. BTC is now approaching $100,000 and might find bids in the near term.
Bitcoin started a downside correction from the $107,000 zone.
The price is trading below $103,500 and the 100 hourly Simple moving average.
There was a break below a connecting bullish trend line with support at $104,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it stays above the $100,000 support zone.
Bitcoin price started a decent upward move above the $105,500 zone. BTC was able to climb above the $106,000 and $106,500 levels.
The bulls even pushed the price above the $107,000 level. However, the bears were active above the $107,000 zone. A high was formed at $107,080 and the price is now correcting gains. There was a move below the $105,000 level.
Besides, there was a break below a connecting bullish trend line with support at $104,800 on the hourly chart of the BTC/USD pair. The pair tested the $100,700 zone. A low is formed at $100,700 and the pair is now consolidating losses.
Bitcoin price is now trading below $103,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $102,200 level or the 23.6% Fib retracement level of the downward move from the $107,080 swing high to the $100,700 low.
The first key resistance is near the $104,000 level. It is close to the 50% Fib retracement level of the downward move from the $107,080 swing high to the $100,700 low. A clear move above the $104,000 resistance might send the price higher. The next key resistance could be $105,000.
A close above the $105,000 resistance might send the price further higher. In the stated case, the price could rise and test the $106,200 resistance level. Any more gains might send the price toward the $107,000 level.
If Bitcoin fails to rise above the $102,200 resistance zone, it could start a downside correction. Immediate support on the downside is near the $100,500 level. The first major support is near the $100,000 level.
The next support is now near the $88,500 zone. Any more losses might send the price toward the $86,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $100,500, followed by $100,000.
Major Resistance Levels – $102,200 and $104,000.
[#item_full_content]NewsBTCRead MoreNasdaq has submitted a groundbreaking proposal to the U.S. Securities and Exchange Commission (SEC) that could transform…
Bitcoin has encountered a critical breakdown, slipping below the $100,000 support level, a significant milestone…
By Omkar Godbole (All times ET unless indicated otherwise) Last week, we described bitcoin above…
Disclaimer: The analyst who wrote this piece owns shares of MicroStrategy (MSTR). MicroStrategy (MSTR), led…
As East Asia prepares to shut down for the Lunar New Year holiday and looks…
The Bitcoin (BTC) price has plunged below $98,000, retracing from $105,000 as low as $97,750…
