Bitcoin Price Dips Sharply Below $102K as Profit-Taking Accelerates
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Bitcoin value began a recent decline and examined the $100,500 zone. BTC is now consolidating and may prolong losses beneath the $100,000 degree.
- Bitcoin began a recent decline beneath the $104,000 zone.
- The worth is buying and selling beneath $104,000 and the 100 hourly Easy shifting common.
- There was a break beneath a key bullish development line with help at $104,600 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may begin a recent decline if it breaks the $100,500 help zone.
Bitcoin Value Dips Additional
Bitcoin value began a recent decline and traded beneath the $104,500 help zone. BTC even settled beneath the $104,200 degree to enter a short-term bearish zone.
Moreover, there was a break beneath a key bullish development line with help at $104,600 on the hourly chart of the BTC/USD pair. Lastly, the pair examined the $100,500 help zone. A low was fashioned at $100,400 and the worth is now consolidating losses.
There was a transfer above the $101,500 degree. BTC examined the 23.6% Fib retracement degree of the latest decline from the $106,820 swing excessive to the $100,400 low.
Bitcoin is now buying and selling beneath $103,000 and the 100 hourly Easy shifting common. On the upside, instant resistance is close to the $102,000 degree. The primary key resistance is close to the $103,200 degree. The subsequent key resistance may very well be $103,600. It’s near the 50% Fib retracement degree of the latest decline from the $106,820 swing excessive to the $100,400 low.
An in depth above the $103,600 resistance may ship the worth additional greater. Within the said case, the worth may rise and take a look at the $104,200 resistance degree. Any extra beneficial properties may ship the worth towards the $105,000 degree.
Extra Losses In BTC?
If Bitcoin fails to rise above the $103,200 resistance zone, it may begin one other decline. Rapid help is close to the $101,200 degree and the development line. The primary main help is close to the $100,500 degree.
The subsequent help is now close to the $100,000 zone. Any extra losses may ship the worth towards the $98,500 help within the close to time period. The principle help sits at $97,200, beneath which BTC may achieve bearish momentum.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bearish zone.
Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now beneath the 50 degree.
Main Assist Ranges – $101,200, adopted by $100,500.
Main Resistance Ranges – $102,000 and $103,600.
