Bitcoin Price Extends Losses — Is More Downside on the Horizon?
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Bitcoin worth began a recent decline and examined the $104,600 zone. BTC is now consolidating and may wrestle to get well above $107,500.
- Bitcoin began a recent decline under the $107,500 zone.
- The worth is buying and selling under $107,000 and the 100 hourly Easy shifting common.
- There’s a connecting bearish pattern line forming with resistance at $107,550 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may prolong losses if it breaks the $104,000 assist zone.
Bitcoin Worth Dips Additional
Bitcoin worth began a recent decline and traded under the $107,500 assist zone. BTC even traded under the $105,600 degree and examined the following assist at $104,600.
A low was shaped at $104,604 and the worth is now consolidating losses. There was a transfer above the $105,200 degree, however the worth continues to be under the 23.6% Fib retracement degree of the latest decline from the $110,500 swing excessive to the $104,604 low.
Bitcoin is now buying and selling under $107,000 and the 100 hourly Easy shifting common. On the upside, instant resistance is close to the $106,000 degree.
The primary key resistance is close to the $107,000 degree. The subsequent key resistance could possibly be $107,500. There may be additionally a connecting bearish pattern line forming with resistance at $107,550 on the hourly chart of the BTC/USD pair. It’s near the 50% Fib retracement degree of the latest decline from the $110,500 swing excessive to the $104,604 low.
An in depth above the $107,500 resistance may ship the worth additional greater. Within the said case, the worth may rise and take a look at the $108,000 resistance degree. Any extra good points may ship the worth towards the $110,000 degree.
One other Drop In BTC?
If Bitcoin fails to rise above the $107,500 resistance zone, it may begin one other decline. Fast assist is close to the $104,500 degree. The primary main assist is close to the $104,000 degree.
The subsequent assist is now close to the $103,200 zone. Any extra losses may ship the worth towards the $102,500 assist within the close to time period. The primary assist sits at $101,200, under which BTC may acquire 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 under the 50 degree.
Main Assist Ranges – $104,000, adopted by $103,200.
Main Resistance Ranges – $106,000 and $107,000.
