Bitcoin price falls below $110,000 again. BTC could continue to decline if it stays below the $110,000 resistance.
- Bitcoin started a new decline below the $109,500 support.
- The price is trading below $109,000 and the 100 hourly simple moving average.
- A bearish trend line is forming with resistance at $109,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to decline if it trades below the $107,400 zone.
Bitcoin Price Faces Rejection
Bitcoin price failed to stay above the $110,500 pivot level and began a new decline. BTC fell below $110,000 and $109,500 to enter a bearish zone.
The drop was such that the price traded below the 50% retracement level of the upward move from the low of $106,312 to the high of $111,000. Furthermore, a bearish trend line is forming with resistance at $109,800 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading below $109,000 and the 100 hourly simple moving average. If the bulls attempt a fresh rise, the price could face resistance near the $109,500 level. The first key resistance is near the $109,800 level and the trend line.
The next resistance could be $110,500. A close above the $110,500 resistance could push the price up further. In the indicated case, the price could rise and test the resistance of $111,200. Any further gains could send the price towards the $113,500 level. The next barrier for the bulls could be $115,000 and $115,500.
More losses in BTC?
If Bitcoin fails to break above the $109,800 resistance zone, it could continue to decline. Immediate support is near the $107,400 level or the 76.4% Fibonacci retracement level of the upward move from the low of $106,312 to the high of $111,000. The first major support is near the $106,500 level.
The next support is now near the $105,500 area. Any further losses could send the price towards the $104,200 support in the near term. The main support lies at $103,500, below which BTC could struggle to recover in the short term.
Technical indicators:
MACD Hourly: The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Main support levels: $107,400, followed by $106,500.
Main resistance levels: $109,800 and $110,500.
