Bitcoin is trying to regain its previous price above $107,000 and $107500. BTC may continue its upward trend if it breaks through the resistance level of $109,500.
- Bitcoin began a new recovery wave over the $105,000 level.
- Price is above the Simple Moving Average of 100 hours and $108,000.
- On the hourly chart for the BTC/USD, there was a breakout above the bearish trendline with resistance of $107 500 (data from Kraken).
- If the pair trades over $109,500 then it could continue moving up.
Bitcoin price is expected to recover
Bitcoin failed to breach the $110,000 level of resistance and began a fresh trend. decline. BTC dropped below $108,000 and $106,500 to enter the bearish zone.
Price even dropped below $105,000. The price has corrected some losses and formed a low at $103,583. A move was made above the level of 23.6% Fib of the recent fall from the swing-high $115.975 to low $103,583.
On the hourly BTC/USD chart, there has been a breakout above the bearish trendline with resistance of $107,500. Bitcoin is currently trading at $108,000. 100 hourly Simple moving average.
The immediate resistance to the upside lies near $109,500. Near the $110,000 mark, we find our first major resistance. Next resistance is $111250, which coincides with the Fib 61.8% retracement of the recent drop from $115,975 to $103,583 high.
Price could rise if the resistance level of $111,250 is breached. The price may rise in the case stated and try to test $112,500. Price could rise to $113,200 if there are any further gains. Next hurdle for bulls might be $115,000.
BTC to decline again?
Bitcoin could begin a new decline if it fails to break through the resistance zone of $110,000. The immediate support level is around $108,000. First major support nears the $108,000 level.
Next support zone is near $106,200. Price could drop to $105,500 in near-term if there are any more losses. BTC could struggle in the near term to recover below $103,500.
Indicators of 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 – $108,000, followed by $106,500.
Major Resistance Levels – $109,500 and $111,250.
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Source: www.newsbtc.com
