Bitcoin Price Warning: Is a Major Sell-Off Coming | Crypto News
Bitcoin price is exhibiting bearish indicators below $112,000. BTC is struggling to get well and may start another decline below the $108,000 zone.
- Bitcoin began a contemporary decline below the $112,550 zone.
- The price is trading below $111,000 and the 100 hourly Simple transferring average.
- There was a break below a bullish pattern line with assist at $108,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may start another decline if it breaks the $108,000 assist zone.
Bitcoin Price Dips Again
Bitcoin price tried a contemporary recovery wave from the $107,352 low. BTC was in a position to climb above the $108,000 and $108,500 resistance ranges.
The price cleared the 23.6% Fib retracement degree of the key drop from the $113,457 swing high to the $107,352 low. However, the bears remained energetic close to $109,500 and prevented more features. The price is again transferring decrease below $109,000.
There was a break below a bullish pattern line with assist at $108,450 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $109,000 and the 100 hourly Simple transferring average.
Immediate resistance on the upside is close to the $109,400 degree. The first key resistance is close to the $110,000 degree. The next resistance might be $110,500 or the 50% Fib retracement degree of the key drop from the $113,457 swing high to the $107,352 low.
A close above the $110,500 resistance may ship the price additional greater. In the acknowledged case, the price may rise and take a look at the $112,000 resistance degree. Any more features may ship the price toward the $112,500 degree. The main goal might be $113,500.
More Losses In BTC?
If Bitcoin fails to rise above the $110,500 resistance zone, it may start a contemporary decline. Immediate assist is close to the $108,000 degree. The first major assist is close to the $107,400 degree.
The next assist is now close to the $106,500 zone. Any more losses may ship the price toward the $105,500 assist in the close to time period. The main assist sits at $103,500, below which BTC may decline sharply.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 degree.
Major Support Levels – $107,400, adopted by $106,500.
Major Resistance Levels – $109,500 and $110,500.
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