Aayush Jindal
Key Highlights
- Bitcoin price started a fresh decline from the $109,939 high.
- BTC traded below a key contracting triangle with support at $103,750 on the 4-hour chart.
- Ethereum price also declined after the bears were active near the $3,500 zone.
- Gold rallied toward $2,785 before the bears appeared.
Bitcoin Price Technical Analysis
Bitcoin price failed to remain in a positive zone above $105,000 against the US Dollar. BTC started a fresh decline below $104,000 and $103,500.
Looking at the 4-hour chart, the price traded below a key contracting triangle with support at $103,750. There was a move below the 50% Fib retracement level of the upward move from the $89,108 swing low to the $109,939 high.
The price even spiked below the 100 simple moving average (red, 4-hour) and tested the 200 simple moving average (green, 4-hour). It is now consolidating losses above the 61.8% Fib retracement level of the upward move from the $89,108 swing low to the $109,939 high.
On the upside, the price could face resistance near the $102,000 level. The next key resistance is $103,500. A successful close above $103,500 might start another steady increase. In the stated case, the price may perhaps rise toward the $105,000 level.
Immediate support is near the $98,500 level. The next key support sits at $97,000. A downside break below $97,000 might send Bitcoin toward the $94,000 support. Any more losses might send the price toward the $92,000 support zone.
Looking at Ethereum, the bears remained active below the $3,500 resistance zone, resulting in a fresh decline.
Today’s Economic Releases
- US Housing Price Index for Nov 2024 (MoM) - Forecast +0.2%, versus +0.4% previous.
- US Durable Goods Orders for Dec 2024 – Forecast +0.2% versus -1.2% previous.
