Another Decline In BTC?

If $BTC fails to rise above the $104,200 resistance zone, it could start another correction in the short term. Immediate support on the downside is near the $103,200 level and the 100 hourly Simple moving average. The first major support is near the $102,500 level.

The next support is now near the $101,500 zone. Any more losses might send the price toward the $100,000 support in the near term. The main support sits at $98,800, below which$BTC might gain bearish momentum.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

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

Major Support Levels – $102,500, followed by $101,500.

Major Resistance Levels – $104,200 and $105,000.