Bitcoin Price Stuck in Range — Short-Term Bearish Pressure Mounts.
Bitcoin price started a fresh increase and tested the $105,000 zone. @BTC is now correcting gains with a short-term bearish angle below $103,500.
Bitcoin started a correction from the $105,000 resistance zone.
The price is trading below $103,800 and the 100 hourly Simple moving average.
There was a break below a connecting bullish trend line with support at $103,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could dip further if it stays below the $105,000 zone.
Bitcoin Price Corrects Gains
Bitcoin price started a fresh increase from the $102,500 support zone. BTC formed a base and was able to clear the $103,500 resistance zone. Moreover, the bulls even pushed the price above $104,200.
The pair spiked toward $105,000. A high was formed at $104,980 and the price is now correcting gains. There was a move below the 23.6% Fib retracement level of the upward move from the $100,772 swing low to the $104,980 high.
Besides, there was a break below a connecting bullish trend line with support at $103,600 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $103,500 and the 100 hourly Simple moving average.
However, the bulls are now active near the $102,850 level and the 50% Fib retracement level of the upward move from the $100,772 swing low to the $104,980 high. On the upside, immediate resistance is near the $103,600 level. The first key resistance is near the $104,200 level.
