Bitcoin Loses Strength, Fresh Decline Could Push Below Key Support

Bitcoin price is struggling below $104,200. BTC could continue to move down if it stays below the $103,500 ￰0￱ started a fresh decline below the $103,500 ￰1￱ price is trading below $103,000 and the 100 hourly Simple moving ￰2￱ is a key bearish trend line forming with resistance at $102,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might continue to move down if it fails to surpass the $103,500 ￰3￱ Price Dips Again Bitcoin price failed to stay above the $104,000 support level and started a fresh ￰4￱ dipped below $103,500 and $102,400 to enter a bearish ￰5￱ decline was such that the price even spiked below the $101,200 support.

A low was formed at $100,266 and the price is now consolidating ￰6￱ was a move above the 23.6% Fib retracement level of the recent decline from the $104,498 swing high to the $100,266 ￰7￱ is now trading below $103,000 and the 100 hourly Simple moving ￰8￱ the bulls attempt another recovery wave, the price could face resistance near the $102,000 ￰9￱ first key resistance is near the $102,250 level. Besides, there is a key bearish trend line forming with resistance at $102,400 on the hourly chart of the BTC/USD ￰10￱ next resistance could be $103,500 and the 76.4% Fib retracement level of the recent decline from the $104,498 swing high to the $100,266 low.

A close above the $103,500 resistance might send the price further ￰11￱ the stated case, the price could rise and test the $104,200 ￰12￱ more gains might send the price toward the $105,500 ￰13￱ next barrier for the bulls could be $106,200 and $106,500. More Losses In BTC? If Bitcoin fails to rise above the $102,400 resistance zone, it could continue to move ￰14￱ support is near the $100,500 ￰15￱ first major support is near the $100,000 ￰16￱ next support is now near the $98,800 ￰17￱ more losses might send the price toward the $96,500 support in the near ￰18￱ main support sits at $95,500, below which BTC might struggle to recover in the near ￰19￱ indicators: Hourly MACD – The MACD is now gaining pace in the bearish ￰20￱ RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 ￰21￱ Support Levels – $100,500, followed by $100,000.

Major Resistance Levels – $102,400 and $103,500.