Calm Before the Next Surge?
Bitcoin price started a short-term downward correction from the $106,250 area. BTC is consolidating above $100,000 and may be targeting fresh gains.
- Bitcoin started a downward correction from the $106,250 area.
- The price is trading below $103,500 and the 100 hourly simple moving average.
- There is a break above a key bullish trend line with support at $104,650 on the hourly chart of the BTC/USD pair (data via Kraken).
- If the pair holds above the $100,000 support area, another upward move could start.
Bitcoin price remains at $100,000
Bitcoin price starts decent move up Above the $100,000 area. BTC was able to rise above $102,500 and $103,800.
A high was formed at $106,246 and the price recently started to rise downside correction. There was a break below the $104,000 and $103,500 levels. Additionally, there was a break above a key bullish trend line with support at $104,650 on the hourly chart of the BTC/USD pair.
The lowest price is $99,538, and prices are currently rising. The price broke above the 23.6% Fib retracement level of the recent decline from a swing high of $106,246 to a low of $99,538.
Bitcoin price is currently trading below $103,800 and the 100 hourly simple moving average. On the upside, immediate resistance lies near $102,000. The first key resistance level is near the $103,000 level, which is the 50% Fib retracement level of the recent swing high of $106,246 to low of $99,538.
A clear break above the $103,000 resistance could lead to a move higher. The next key resistance level is likely to be $104,650. A close above the $104,650 resistance may push the price higher further. In the above scenario, the price may rise and test the $106,250 resistance. In case of further gains, the price may rise towards the $108,500 level.
More Bitcoin losses?
If Bitcoin fails to break above the $103,000 resistance, it may start a downside correction. Immediate support on the downside lies near the $100,500 level. The first major support level is near $100,000.
The next support is near the $98,800 area. Any further losses could push the price towards the $96,500 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now losing speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.
The main support level – $100,500, followed by $100,000.
Major resistance levels – $103,000 and $104,650.
