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Bitcoin Sell-Off Continues — Downside Momentum Builds Across Crypto Market

Bitcoin worth is gaining bearish tempo under $108,800. BTC may proceed to maneuver down if it stays under the $109,500 resistance.

  • Bitcoin began a contemporary decline under the $109,000 assist.
  • The worth is buying and selling under $108,000 and the 100 hourly Simple shifting common.
  • There is a bearish pattern line forming with resistance at $109,400 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair would possibly proceed to maneuver down if it trades under the $105,000 zone.

Bitcoin Price Dips Further

Bitcoin worth failed to remain above the $110,000 assist degree and began a fresh decline. BTC dipped under $109,000 and $108,800 to enter a bearish zone.

The decline was such that the worth traded under the 76.4% Fib retracement degree of the upward transfer from the $106,310 swing low to the $111,000 high. Besides, there’s a bearish pattern line forming with resistance at $109,400 on the hourly chart of the BTC/USD pair.

Bitcoin is now buying and selling under $108,000 and the 100 hourly Simple moving average. BTC examined the 1.236 Fib extension degree of the upward transfer from the $106,310 swing low to the $111,000 high.

If the bulls try a restoration wave, the worth may face resistance close to the $108,200 degree. The first key resistance is close to the $108,800 degree. The subsequent resistance might be $109,500 and the pattern line. A detailed above the $109,500 resistance would possibly ship the worth additional greater. In the acknowledged case, the worth may rise and check the $110,000 resistance. Any extra positive factors would possibly ship the worth towards the $111,500 degree. The subsequent barrier for the bulls might be $112,000 and $112,500.

More Losses In BTC?

If Bitcoin fails to rise above the $108,800 resistance zone, it may proceed to maneuver down. Immediate assist is close to the $106,200 degree. The first main assist is close to the $105,500 degree.

The subsequent assist is now close to the $105,000 zone. Any extra losses would possibly ship the worth towards the $104,200 assist within the close to time period. The primary assist sits at $103,500, under which BTC would possibly battle to get better 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 under the 50 degree.

Major Support Levels – $106,200, adopted by $105,500.

Major Resistance Levels – $108,800 and $109,500.

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