Bitcoin price struggled to break the $102,000 resistance zone. BTC is correcting gains and could test the $97,500 support area.
- Bitcoin began a downward correction in the $102,000 area.
- The price is trading above $98,000 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), a break has occurred below the connecting bullish trendline with support at $101,000.
- If it stays above the $97,500 support, it could start a new rally.
Bitcoin price falls again
Bitcoin price formed a base and began a new rise above $98,800. There was movement above the $99,200 and $99,500 levels.
The price broke through the $100,000 level, but the downside was actively trading near $102,000. A high was formed at $102,500 and the price is now consolidating gains. It is slowly declining below the 23.6% Fib retracement level of the recent wave from the $94,315 swing low to the $102,500 high.
On the hourly chart of the BTC/USD pair, a break occurred below the connected bullish trendline supporting $101,000. Bitcoin price is currently trading above $98,000 and the 100-hour simple moving average.
On the other hand, the price may face resistance near $100,500. The first major resistance is near the $101,500 level. A clear break above the $101,500 resistance could push the price higher. The next major resistance could be $102,000. A break above the $102,000 resistance could push the price higher.
If stated, the price could move higher to test the $104,000 resistance level. If more profits are made, the price could rise to the $105,000 level.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $102,000 resistance zone, it may continue to fall. Immediate support for the bears is near the $98,400 level or the 50% Fib retracement level of the recent wave from the $94,315 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 area. Any more losses could lead the price towards the $95,000 support in the near term.
Technical indicators:
Hourly MACD – MACD is now picking up speed in bearish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $98,400, $97,500.
Key resistance levels – $102,000 and $104,000.