Bitcoin price is trying to recover above $108,000 and $108,500. BTC tested $111,800 and is currently paring recent gains.
- Bitcoin started a new recovery wave above the $108,000 resistance level.
- The price is trading above $108,000 and the 100 hourly Simple Moving Average.
- There is a bullish trendline with support at $108,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it trades above the $110,500 zone.
Bitcoin price cuts some gains
Bitcoin price started a recovery wave above the USD 105,500 resistance. BTC was able to surpass the USD 107,500 and USD 108,500 resistance levels.
The bulls pushed the price above $110,500. There was a clear move above the 50% Fib retracement level of the recent decline, from the $115,975 swing high to the $103,582 low. However, the bulls struggled to keep the price above the USD 111,500 level.
The price is slowly moving down from the 61.8% Fib retracement level of the recent decline from the $115,975 swing high to the $103,582 low. Moreover, there is a bullish trendline with support at $108,800 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading above $109,000 and the 100 hourly Simple Moving Average. The immediate resistance on the upside is near the $110,500 level. The first major resistance is near the $111,200 level. The next resistance could be $111,500.
A close above the resistance at $111,500 could send the price higher. In the mentioned case, the price could rise and test the USD 112,500 resistance. Any further gains could send the price towards the USD 113,200 level. The next threshold for the bulls could be $115,000.
Another drop in BTC?
If Bitcoin fails to rise above the $110,000 resistance zone, it could start a new decline. The immediate support is near the $108,800 level and the trendline. The first major support is near the $108,000 level.
The next support is now near the $107,550 zone. Any further losses could send the price towards the $106,500 support in the short term. The key support is at $105,500, below which BTC could struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – $108,800, followed by $108,000.
Major resistance levels – $110,500 and $111,500.