Bitcoin Price Extends Losses — Is More Downside on the Horizon?

Bitcoin worth began a contemporary decline and examined the $104,600 zone. BTC is now consolidating and would possibly wrestle to recuperate above $107,500.

• Bitcoin began a contemporary decline under the $107,500 zone.
• The worth is buying and selling under $107,000 and the 100 hourly Easy transferring common.
• There’s a connecting bearish development line forming with resistance at $107,550 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may lengthen losses if it breaks the $104,000 help zone.

Bitcoin Value Dips Additional

Bitcoin worth began a contemporary decline and traded under the $107,500 support zone. BTC even traded under the $105,600 degree and examined the following help 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 Simple moving average. On the upside, speedy resistance is close to the $106,000 degree.

The primary key resistance is close to the $107,000 degree. The following key resistance could possibly be $107,500. There’s additionally a connecting bearish development 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.

A detailed above the $107,500 resistance would possibly ship the worth additional larger. Within the acknowledged case, the worth may rise and take a look at the $108,000 resistance degree. Any extra features would possibly 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 help is close to the $104,500 degree. The primary main help is close to the $104,000 degree.

The following help is now close to the $103,200 zone. Any extra losses would possibly ship the worth towards the $102,500 help within the close to time period. The primary help sits at $101,200, under which BTC would possibly 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 under the 50 degree.

Main Help Ranges – $104,000, adopted by $103,200.

Main Resistance Ranges – $106,000 and $107,000.