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Bitcoin Price Bounces Back: Bulls Eye New Upside Leg
Bitcoin price started a fresh decline and tested the $103,200 zone. BTC is now recovering and might aim for a move above the $106,800 resistance. Bitcoin started a fresh decline below the $106,800 and $105,500 levels. The price is trading near $105,800 and the 100 hourly Simple moving average. There was a break above a key bearish trend line with resistance at $105,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase if it clears the $106,800 resistance zone. Bitcoin Price Recovers Bitcoin price started a fresh decline after it failed to clear the $110,000 resistance zone. BTC declined below the $107,000 and $106,000 support levels. The price even dipped below the $104,000 support level. Finally, it tested the $103,200 zone. A low was formed at $103,078 and the price is now recovering losses. There was a move above the 23.6% Fib retracement level of the recent decline from the $110,411 swing high to the $103,078 low. Besides, there was a break above a key bearish trend line with resistance at $105,000 on the hourly chart of the BTC/USD pair. Bitcoin is now trading near $105,800 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $106,000 level. The first key resistance is near the $106,750 level. It is close to the 50% Fib retracement level of the recent decline from the $110,411 swing high to the $103,078 low. The next key resistance could be $107,500. A close above the $107,500 resistance might send the price further higher. In the stated case, the price could rise and test the $108,000 resistance level. Any more gains might send the price toward the $110,000 level. Another Decline In BTC? If Bitcoin fails to rise above the $106,750 resistance zone, it could start another decline. Immediate support is near the $105,000 level. The first major support is near the $104,200 level. The next support is now near the $103,200 zone. Any more losses might send the price toward the $102,500 support in the near term. The main support sits at $100,000, below which BTC might gain bearish momentum. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $104,200, followed by $103,200. Major Resistance Levels – $106,750 and $107,500.
Bitcoin Price Bounces Back: Bulls Eye New Upside Leg
Bitcoin price started a fresh decline and tested the $103,200 zone. BTC is now recovering and might aim for a move above the $106,800 resistance. Bitcoin started a fresh decline below the $106,800 and $105,500 levels. The price is trading near $105,800 and the 100 hourly Simple moving average. There was a break above a key bearish trend line with resistance at $105,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase if it clears the $106,800 resistance zone. Bitcoin Price Recovers Bitcoin price started a fresh decline after it failed to clear the $110,000 resistance zone. BTC declined below the $107,000 and $106,000 support levels. The price even dipped below the $104,000 support level. Finally, it tested the $103,200 zone. A low was formed at $103,078 and the price is now recovering losses. There was a move above the 23.6% Fib retracement level of the recent decline from the $110,411 swing high to the $103,078 low. Besides, there was a break above a key bearish trend line with resistance at $105,000 on the hourly chart of the BTC/USD pair. Bitcoin is now trading near $105,800 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $106,000 level. The first key resistance is near the $106,750 level. It is close to the 50% Fib retracement level of the recent decline from the $110,411 swing high to the $103,078 low. The next key resistance could be $107,500. A close above the $107,500 resistance might send the price further higher. In the stated case, the price could rise and test the $108,000 resistance level. Any more gains might send the price toward the $110,000 level. Another Decline In BTC? If Bitcoin fails to rise above the $106,750 resistance zone, it could start another decline. Immediate support is near the $105,000 level. The first major support is near the $104,200 level. The next support is now near the $103,200 zone. Any more losses might send the price toward the $102,500 support in the near term. The main support sits at $100,000, below which BTC might gain bearish momentum. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $104,200, followed by $103,200. Major Resistance Levels – $106,750 and $107,500.