Bitcoin Loses Strength, Fresh Decline Could Push Below Key Support

Ben Graham · Novembro 7

Bitcoin price is struggling below $104,200. BTC could continue to move down if it stays below the $103,500 resistance.

Bitcoin started a fresh decline below the $103,500 support.
The price is trading below $103,000 and the 100 hourly Simple moving average.
There 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 zone.

Bitcoin Price Dips Again

Bitcoin price failed to stay above the $104,000 support level and started a fresh decline. BTC dipped below $103,500 and $102,400 to enter a bearish zone.

The 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 losses. There was a move above the 23.6% Fib retracement level of the recent decline from the $104,498 swing high to the $100,266 low.

Bitcoin is now trading below $103,000 and the 100 hourly Simple moving average. If the bulls attempt another recovery wave, the price could face resistance near the $102,000 level. The 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 pair.

The 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 higher. In the stated case, the price could rise and test the $104,200 resistance. Any more gains might send the price toward the $105,500 level. The 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 down. Immediate support is near the $100,500 level. The first major support is near the $100,000 level.

The next support is now near the $98,800 zone. Any more losses might send the price toward the $96,500 support in the near term. The main support sits at $95,500, below which BTC might struggle to recover in the near term.

Technical indicators:

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

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

Major Support Levels – $100,500, followed by $100,000.

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