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Bitcoin price struggled to clear the $107,200 resistance zone. BTC is correcting gains and might revisit the $100,000 support zone. Bitcoin started a downside correction from the $107,200 zone. The price is trading below $104,500 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance at $103,650 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase if it stays above the $100,500 support zone. Bitcoin Price Dips Again Bitcoin price started a decent upward move above the $103,500 zone. BTC was able to climb above the $104,500 and $105,000 levels. The bulls even pushed the price above the $106,000 level. However, the bears were active near the $107,200 zone. A high was formed at $107,200 and the price is now correcting gains. There was a move below the $105,000 level. There was a move below the 50% Fib retracement level of the upward move from the $100,114 swing low to the $107,200 high. Bitcoin price is now trading below $104,500 and the 100 hourly Simple moving average . On the upside, immediate resistance is near the $103,000 level. The first key resistance is near the $103,500 level. There is also a key bearish trend line forming with resistance at $103,650 on the hourly chart of the BTC/USD pair. A clear move above the $103,650 resistance might send the price higher. The next key resistance could be $104,500. A close above the $104,500 resistance might send the price further higher. In the stated case, the price could rise and test the $107,200 resistance level and a new all-time high. Any more gains might send the price toward the $112,500 level. More Losses In BTC? If Bitcoin fails to rise above the $104,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $101,750 level or the 76.4% Fib retracement level of the upward move from the $100,114 swing low to the $107,200 high. The first major support is near the $100,500 level. The next support is now near the $100,000 zone. Any more losses might send the price toward the $88,500 support 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 – $101,650, followed by $100,500. Major Resistance Levels – $103,650 and $104,500.
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Goldman Sachs’ CEO Highlights Bitcoin’s Role and US-China Economic Relations
David Solomon asserts Bitcoin does not threaten the US dollar`s stability. He stresses the importance of US-China economic relations for global growth. Continue Reading: Goldman Sachs’ CEO Highlights Bitcoin’s Role and US-China Economic Relations The post Goldman Sachs’ CEO Highlights Bitcoin’s Role and US-China Economic Relations appeared first on COINTURK NEWS . NewsBTC
XRP Price Pauses Rally: Healthy Pullback or Reversal Ahead?
XRP price struggled to continue higher above the $3.30 level. The price is now correcting gains and might find bids near the $3.00 level. XRP price started a downside correction from the $3.30 zone. The price is now trading below $3.20 and the 100-hourly Simple Moving Average. There was a break below a connecting bullish trend line with support at $3.1450 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair might start a fresh increase if it stays above the $3.00 support. XRP Price Dips Again XRP price managed to start a fresh increase from the $3.120 support zone, but upsides were limited compared to Bitcoin . The price was able to surpass the $3.250 level before the bears appeared. A high was formed at $3.285 and the price recently started a downside correction. There was a move below the $3.20 support. The price dipped below the 50% Fib retracement level of the upward move from the $3.012 swing low to the $3.285 high. Besides, there was a break below a connecting bullish trend line with support at $3.1450 on the hourly chart of the XRP/USD pair. The price is now trading below $3.20 and the 100-hourly Simple Moving Average. It is now holding the 61.8% Fib retracement level of the upward move from the $3.012 swing low to the $3.285 high. On the upside, the price might face resistance near the $3.150 level. The first major resistance is near the $3.20 level. The next resistance is $3.250. A clear move above the $3.250 resistance might send the price toward the $3.30 resistance. Any more gains might send the price toward the $3.4250 resistance or even $3.450 in the near term. The next major hurdle for the bulls might be $3.50. More Losses? If XRP fails to clear the $3.20 resistance zone, it could start another decline. Initial support on the downside is near the $3.120 level. The next major support is near the $3.00 level. If there is a downside break and a close below the $3.00 level, the price might continue to decline toward the $2.880 support. The next major support sits near the $2.750 zone. Technical Indicators Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $3.120 and $3.00. Major Resistance Levels – $3.20 and $3.250. NewsBTC
