Bitcoin price struggled to clear the $102,000 resistance zone. BTC is correcting gains and might test the $97,500 support zone.
Bitcoin started a downside correction from the $102,000 zone.
The price is trading above $98,000 and the 100 hourly Simple moving average.
There was a break below a connecting bullish trend line with support at $101,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a fresh increase if it stays above the $97,500 support zone.
Bitcoin price formed a base and started a fresh increase above the $98,800 zone. There was a move above the $99,200 and $99,500 levels.
The price even cleared the $100,000 level, but the bears were active near the $102,000 zone. A high was formed at $102,500 and the price is now consolidating gains. It is slowly moving lower below the 23.6% Fib retracement level of the recent wave from the $94,315 swing low to the $102,500 high.
There was a break below a connecting bullish trend line with support at $101,000 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $98,000 and the 100 hourly Simple moving average.
On the upside, the price could face resistance near the $100,500 level. The first key resistance is near the $101,500 level. A clear move above the $101,500 resistance might send the price higher. The next key resistance could be $102,000. A close above the $102,000 resistance might send the price further higher.
In the stated case, the price could rise and test the $104,000 resistance level. Any more gains might send the price toward the $105,000 level.
If Bitcoin fails to rise above the $102,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $98,400 level or the 50% Fib retracement level of the recent wave from the $94,315 swing low to the $102,500 high.
The first major support is near the $97,500 level. The next support is now near the $96,250 zone. Any more losses might send the price toward the $95,000 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 – $98,400, followed by $97,500.
Major Resistance Levels – $102,000, and $104,000.
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