Bitcoin’s price was supported by the zone of $107,500. BTC has recovered its losses, and could aim to move over the resistance of $109200.
- Bitcoin has started to recover above $108,000.
- Price is above the Simple Moving Average of 100 hours and $108,500.
- On the hourly BTC/USD chart, there is a bearish line with a resistance of $109,050 (data from Kraken).
- It could be a good time to start an increase, if the pair remains above the zone of $107 500.
Bitcoin price Eyes Upside Break
Bitcoin Price started at a fresh decline After it failed around the $110,000 area. BTC fell below the $108,500-level and $108,000 before the bulls appeared.
At $107,650 a low formed and the price began a wave of recovery. The price moved above the $108,500 support zone. Price climbed over the 50% Fib level of the decline from $109,700 swing low to $107,500.
Bitcoin now trades above $108 500 and 100 hourly Simple moving average. First, the level of $109,050 is a key resistance. A bearish trendline is developing with resistance near $109050 in the BTC/USD hourly chart.
Next resistance is $109 200 or the 76.4% fib level for the decline from $109 700 swing high to $107 500 low. If the price closes above $109,200 then it could send it higher. Price could test $110,000 in this case. If the price continues to rise, it could move towards the $112,000 mark. It is possible that the main goal could be $115,000.
BTC: Another drop in the BTC price?
Bitcoin could begin a new decline if it fails to break through the resistance zone of $109,200. Near the $108,400 mark, there is immediate support. The level of immediate support for the first big project is around $108,200.
In the near term, any further losses could send the price towards support at $105,500. In the short term, any further losses could send the price towards the $105,500 resistance. BTC’s main support is $103,500. Below this level, BTC may continue to fall.
The following are technical indicators.
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $108,500, followed by $107,500.
Major Resistance Levels – $109,200 and $110,000.
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Source: www.newsbtc.com
