Bitcoin Price Nosedives—Profit-Taking Sparks Sudden Correction
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Bitcoin worth began a recent decline beneath the $105,500 zone. BTC is now consolidating and struggling to remain above the $103,200 help.
- Bitcoin began a recent decline beneath the $106,500 and $105,500 ranges.
- The worth is buying and selling beneath $106,500 and the 100 hourly Easy shifting common.
- There’s a key bearish development line forming with resistance at $106,600 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might begin a recent restoration wave if it clears the $105,500 resistance zone.
Bitcoin Value Dips Sharply
Bitcoin worth began a recent decline after it didn’t clear the $110,500 resistance zone. BTC declined beneath the $107,500 and $106,500 help ranges.
The worth even dipped beneath the $104,200 help stage. Lastly, it examined the $103,000 zone. A low was shaped at $103,078 and the value is now consolidating losses beneath the 23.6% Fib stage of the latest decline from the $110,273 swing excessive to the $103,078 low.
Bitcoin is now buying and selling beneath $105,500 and the 100 hourly Easy shifting common. There’s additionally a key bearish development line forming with resistance at $106,600 on the hourly chart of the BTC/USD pair.
On the upside, fast resistance is close to the $104,200 stage. The primary key resistance is close to the $105,500 stage. The subsequent key resistance might be $106,600 and the 50% Fib retracement stage of the latest decline from the $110,273 swing excessive to the $103,078 low.
An in depth above the $106,600 resistance may ship the value additional increased. Within the acknowledged case, the value might rise and check the $108,000 resistance stage. Any extra positive aspects may ship the value towards the $110,000 stage.
Extra Losses In BTC?
If Bitcoin fails to rise above the $105,500 resistance zone, it might begin one other decline. Rapid help is close to the $103,000 stage. The primary main help is close to the $102,350 stage.
The subsequent help is now close to the $101,500 zone. Any extra losses may ship the value towards the $100,500 help within the close to time period. The primary help sits at $100,000, beneath which BTC may acquire bearish momentum.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bearish zone.
Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now beneath the 50 stage.
Main Assist Ranges – $103,000, adopted by $102,350.
Main Resistance Ranges – $104,200 and $105,500.
