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Bitcoin’s price began a new rise and tested the $105,000 region. BTC is now correcting earnings at a short-term bearish angle of less than $103,500.
- Bitcoin begins to correct the resistance zone of $105,000.
- Prices traded below $103,800 and 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (Kraken’s data feed), there is a breakout below the connected bullish trend line.
- If two people stay below the $105,000 area, they can drop further.
Bitcoin price corrects earnings
Bitcoin price started a new rise from the $102,500 support zone. BTC forms a foundation and is able to clear the $103,500 resistance zone. Additionally, the Bulls even pushed the price up by $104,200.
The two soared to $105,000. A high formation for $104,980, the current price is correcting the earnings. From the swing low of $100,772 to the height of $104,980, the upward moving FIB retracement level is below the 23.6% FIB retracement level.
Additionally, on the hourly chart of the BTC/USD pair, there is a loss trend below a connected bullish trend line. Bitcoin is now trading below the $103,500 and the 100-hour simple moving average.
But now, the Bulls are down from the $100,772 swing to $104,980 high at the $104,980 level and a 50% FIB retracement level. On the plus side, immediate resistance is close to the $103,600 level. The first key resistance is close to the $104,200 level.
The next key resistance could be $105,000. The shutdown of resistors over $105,000 may make the price even higher. In the case of statements, the price may rise and test the resistance level of $106,500. More gains may shift the price to the $108,000 level.
More losses in BTC?
If Bitcoin fails to exceed the $104,200 resistance zone, another downside correction may begin. Instant support is close to $102,850. The first major support is close to the $101,750 level.
The next support is now near the $100,500 area. In the short term, more losses may send the price to $100,000 in support. The main support is $98,800.
Technical indicators:
Hourly MACD – MACD is now reaching pace in the bearish zone.
Hour RSI (Relative Strength Index) – The RSI of BTC/USD is now below level 50.
Main support level – $102,850, followed by $101,750.
Major resistance levels – $104,200 and $105,000.
