Ah, Bitcoin! The talk of the town, the belle of the ball, the star of the show! Our beloved BTC has taken us on a wild ride, reaching new heights and leaving us breathless with anticipation. But, alas, what goes up must come down, and our dear friend has started a “short-term downside correction.”
- BTC has begun a little tumble from the lofty $109,000 zone.
- The price is now dancing below $104,500 and the 100 hourly Simple moving average.
- A bearish trend line is forming a party with resistance at $104,000 on the hourly chart of the BTC/USD pair.
- Oh, the drama! The pair may start to rise again if it can keep its head above the $100,000 support zone.
Bitcoin’s All-Time High: A Love Story
Bitcoin started a lovely climb above the $102,000 zone, breaking through the $104,500 and $103,800 levels. The bulls even pushed the price above the $107,000 level, and it reached a new all-time high at $109,112! But, alack, there was a downside correction, and the price dropped below $104,500 and $103,500. Oh, the heartbreak!
A low was formed at $100,114, and now Bitcoin is trying to find its feet again. It’s moving towards the 23.6% Fib retracement level of the recent decline from the $109,112 swing high to the $100,114 low. Will it succeed, or are we in for more sorrow?
Our dear BTC is now trading below $104,500 and the 100 hourly Simple moving average. The first key resistance is near the $104,500 level or the 50% Fib retracement level of the recent decline. Oh, the suspense!
If the price can rise above the $104,500 resistance, it might continue its ascent. The next key resistance could be $106,500, and a close above that might send the price soaring even higher. But, friends, beware! The next key resistance is $109,500, and we must tread carefully.
More Tears for Bitcoin?
If Bitcoin can’t rise above the $104,000 resistance zone, it might start to weep once more. The first major support is near the $100,500 level, and the next major support is near the $100,000 level. Oh, the tragedy!
The next support is now near the $98,800 zone, and any more losses might send the price into a downward spiral towards the $96,500 support. Oh, the horror!
Technical indicators:
Hourly MACD – The MACD is now losing its mojo in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Oh, the agony!
Major Support Levels – $100,500, followed by $100,000.
Major Resistance Levels –
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2025-01-21 06:04