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Another Decline In $BTC ?

If $BTC fails to rise above the $107,000 resistance zone, it could start another correction. Immediate support on the downside is near the $106,250 level. The first major support is near the $105,400 level and the 61.8% Fib retracement level of the upward move from the $104,269 swing low to the $107,262 high.

The next support is now near the $104,250 zone. Any more losses might send the price toward the $103,500 support in the near term. The main support sits at $102,500, below which $BTC might gain bearish momentum.

Technical indicators:

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

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

Major Support Levels – $105,400, followed by $104,250.

Major Resistance Levels – $107,200 and $107,500.