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Bitcoin Slides Back to $100K — Is the Parabolic Run Finally Cracking?

Bitcoin value is gaining bearish tempo under $103,500. BTC might proceed to transfer down if it stays under the $103,500 resistance.

  • Bitcoin began a recent decline under the $105,000 assist.
  • The value is buying and selling under $104,000 and the 100 hourly Simple transferring common.
  • There is a bearish development line forming with resistance at $103,500 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may proceed to transfer down if it settles under the $100,000 zone.

Bitcoin Price Dips Again

Bitcoin value failed to keep above the $105,500 assist degree and began a fresh decline. BTC dipped under $104,000 and $103,500 to enter a bearish zone.

The decline was such that the value even spiked under the $100,000 assist. A low was shaped at $98,900 and the value is now consolidating losses close to the 23.6% Fib retracement degree of the downward transfer from the $111,000 swing high to the $98,900 low.

Bitcoin is now buying and selling under $104,000 and the 100 hourly Simple transferring common. If the bulls try a recovery wave, the value might face resistance close to the $102,000 degree. The first key resistance is close to the $103,500 degree. There can also be a bearish development line forming with resistance at $103,500 on the hourly chart of the BTC/USD pair.

The subsequent resistance may very well be $105,000 and the 50% Fib retracement degree of the downward transfer from the $111,000 swing high to the $98,900 low. A detailed above the $105,000 resistance may ship the value additional larger. In the acknowledged case, the value might rise and take a look at the $106,400 resistance. Any extra positive factors may ship the value towards the $107,500 degree. The subsequent barrier for the bulls may very well be $108,500 and $108,800.

More Losses In BTC?

If Bitcoin fails to rise above the $103,500 resistance zone, it might proceed to transfer down. Immediate assist is close to the $100,200 degree. The first main assist is close to the $100,000 degree.

The subsequent assist is now close to the $98,800 zone. Any extra losses may ship the value towards the $96,200 assist in the close to time period. The foremost assist sits at $95,500, under which BTC may battle to get better in the close to time period.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now under the 50 degree.

Major Support Levels – $100,200, adopted by $100,000.

Major Resistance Levels – $103,500 and $105,000.

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