Bitcoin price fell back below $110,000. BTC could continue moving lower if it remains below the $110,000 resistance level.
- Bitcoin started a new decline below the $109,500 support level.
- The price is trading below the $109,000 level and the 100 hourly simple moving average.
- There is a downtrend line forming with resistance at $109,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may continue moving down if it trades below the $107,400 area.
Bitcoin price faces rejection
Bitcoin price failed to stay above the $110,500 pivot level and started a new decline. BTC fell below $110,000 and $109,500 to enter the bearish zone.
The decline was such that the price traded below the 50% Fibonacci retracement level of the upward move from the swing low of $106,312 to the swing high of $111,000. Additionally, there is a downtrend line forming with resistance at $109,800 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading below the $109,000 level and the 100 hourly simple moving average. If the bulls attempt a new rally, the price could face resistance near the $109,500 level. The first major resistance is located near the $109,800 level and the trend line.
The next resistance could be at $110,500. A close above the $110,500 resistance could send the price higher. In the mentioned case, the price may rise and test the $111,200 resistance level. 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 rise above the $109,800 resistance area, it may continue to move lower. Immediate support is near the $107,400 level or the 76.4% Fib retracement level of the upward move from the $106,312 swing low to the $111,000 swing high. The first major support is near the $106,500 level.
The next support is now located near the $105,500 area. Any further losses could send the price towards the $104,200 support level in the near term. Key support is located at $103,500, below which BTC may struggle to recover in the short term.
Technical indicators:
Hourly MACD – 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.
Key Support Levels – $107,400, followed by $106,500.
Key resistance levels – $109,800 and $110,500.
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