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Bitcoin began trading below a $108,800 range. BTC has been consolidating, and could aim to move over the $108,000 resistance.
- Bitcoin began a downward correction after it fell below the $108,800 area.
- Price is below the Simple Moving Average of 100 hours and $107,500.
- On the hourly BTC/USD chart, there is a bearish line with resistance of $107400 (data from Kraken).
- It could begin a second increase if the pair remains above the $105,500 area.
Bitcoin Price Expects New Gains
Bitcoin Price started at a fresh increase Above the $105,500 area. BTC was able climb over the $106,500 level and enter into a positive area.
Bulls have pushed price up above $108,000 and price has tested $108,800. At $108,792, a high was created and recently, the price corrected its gains. A move was made below the level of $107,500. The price has now reached a low of $106,800.
A recovery was seen above the 23.6% level for the Fib of the decline from the swing-high $108,792 low to $106,800. Bitcoin has fallen below the $107,500 mark and is currently trading at $106,800. 100 hourly Simple moving average.
A resistance level of $107 400 is the immediate upward barrier. A bearish trendline is also developing with $107,400 as resistance on the hourly BTC/USD. First, the key resistance lies near $108,000 and 50% Fib of the decline from the swing high at $108,792 to the low price at $106,800.
If the price closes above $108,000, it could send the market higher. Price could test $108,800 level in this case. If the price gains more, it could reach the $110,000 mark.
BTC Losses Increased?
Bitcoin could begin a new decline if it fails to break through the resistance zone of $108,000. Near the $106,800 mark, there is immediate support. The level of immediate support for the first big project is around $106,500.
Now, the next level of support lies near the $105,500 area. Price could be headed towards $105,000 in near-term if it continues to fall. BTC’s main support is $103,500. Below this level, BTC may gain a bearish trend.
Indicators of technical indicators
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $106,800, followed by $106,500.
Major Resistance Levels – $108,000 and $108,800.
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Source: www.newsbtc.com
