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Bitcoin Price Dips Deeper Into Red — Traders Eye Next Support Near $105,500

Bitcoin worth is struggling to settle above $112,500 and $113,000. BTC is now transferring decrease and may begin one other decline beneath $108,000.

  • Bitcoin began a recent decline after it did not clear the $113,000 resistance degree.
  • The worth is buying and selling beneath $110,000 and the 100 hourly Simple transferring common.
  • There is a bearish pattern line forming with resistance at $110,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair may proceed to maneuver down if it trades beneath the $107,500 zone.

Bitcoin Price Dips Again

Bitcoin worth did not surpass the $113,000 resistance degree and began a recent decline. BTC dipped beneath the $112,000 and $110,500 help ranges to enter a bearish zone.

The worth even dipped beneath $108,000. A low was fashioned at $107,483 and the worth is now consolidating losses beneath the 23.6% Fib retracement degree of the current decline from the $115,975 swing high to the $107,483 low.

Bitcoin is now buying and selling beneath $110,000 and the 100 hourly Simple moving average. Besides, there’s a bearish pattern line forming with resistance at $110,500 on the hourly chart of the BTC/USD pair. Immediate resistance on the upside is close to the $109,500 degree.

The first key resistance is close to the $110,000 degree. The subsequent resistance may very well be $110,500 and the pattern line. An in depth above the $110,500 resistance may ship the worth additional larger. In the said case, the worth might rise and take a look at the $111,800 resistance since it’s near the 50% Fib retracement degree of the current decline from the $115,975 swing high to the $107,483 low. Any extra features may ship the worth towards the $112,500 degree. The subsequent barrier for the bulls may very well be $113,000.

Another Decline In BTC?

If Bitcoin fails to rise above the $110,000 resistance zone, it might begin a recent decline. Immediate help is close to the $108,000 degree. The first main help is close to the $107,500 degree.

The subsequent help is now close to the $106,200 zone. Any extra losses may ship the worth towards the $105,500 help within the close to time period. The major help sits at $103,200, beneath which BTC may battle to recuperate within the brief time period.

Technical indicators:

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

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

Major Support Levels – $108,000, adopted by $107,500.

Major Resistance Levels – $110,000 and $110,500.

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