Bitcoin price remained supported above $ 107,500 zone. BTC is now repairing losses and can strive for a movement above the resistance of $ 109,200.
- Bitcoin started a recovery wave above $ 108,000 zone.
- The price is traded above $ 108,500 and the simple simple advancing average of 100 hours.
- There is a bearish trend line that forms with resistance at $ 109,050 on the hour table of the BTC/USD pair (data feed from Kraken).
- The couple can start a new increase if it remains above $ 107,500 zone.
Bitcoin Price Eyes Op Head Pause
Bitcoin Price started a new decrease after it failed near the $ 110,000 zone. BTC fell under the levels of $ 108,500 and $ 108,000 before the bulls appeared.
A layer was formed at $ 107,650 and the price started a recovery wave. There was a movement above the $ 108,500 resistance zone. The price climbed above the 50% FIB retracement level of the downward movement of the $ 109,700 Swing high to $ 107,500 low.
Bitcoin is now traded above $ 108,500 and the 100 -hour simple advancing average. The first key resistance is near the level of $ 109,050. In addition, there is a bearish trend line that forms with resistance at $ 109,050 on the hour table of the BTC/USD pair.
The next resistance can be $ 109,200 or the FIB level of 76.4% of the downward movement of the $ 109,700 swing high to $ 107,500 low. A close -up resistance of $ 109,200 can further send the price. In the case mentioned, the price could rise and the resistance level of $ 110,000 tests. More profits can send the price to the $ 112,000 level. The main goal can be $ 115,000.
Another decline in BTC?
If Bitcoin does not rise above the $ 109,200 resistance zone, this can start a decrease. Immediate support is near the level of $ 108,400. The first major support is near the level of $ 108,200.
The next support is now near the $ 107,500 zone. More losses can send the price in the short term to the support of $ 105,500. The most important support is $ 103,500, including BTC could stay down.
Technical indicators:
MACD per hour – The MACD now wins pace in the bullish zone.
Picly RSI (Relative strength -Index) -The RSI for BTC/USD is now above 50 -level.
Important support levels – $ 108,500, followed by $ 107,500.
Large resistance levels – $ 109,200 and $ 110,000.