Reason to trust
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Bitcoin price started a fresh decline and tested the $103,200 zone. BTC is now consolidating and might aim for a recovery wave above $106,000.
Bitcoin started a fresh decline below the $106,500 zone.
The price is trading above $105,000 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $105,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a fresh increase if it clears the $106,000 resistance zone.
Bitcoin Price Eyes Upside Break
Bitcoin price started a fresh decline and traded below the $106,500 support zone. BTC even traded below the $105,500 level and tested the next support at $103,200.
A low was formed at $103,200 and the price is now consolidating losses. There was a move above the $104,200 level and the 23.6% Fib retracement level of the recent decline from the $110,500 swing high to the $103,200 low.
Bitcoin is now trading above $105,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $105,550 level. There is also a key bearish trend line forming with resistance at $105,550 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $106,000 level. The next key resistance could be $106,800. It is close to the 50% Fib retracement level of the recent decline from the $110,500 swing high to the $103,200 low.
A close above the $106,800 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 Drop In BTC?
If Bitcoin fails to rise above the $106,000 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 $101,200, below which BTC might gain bearish momentum.
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 – $105,000, followed by $104,200.
Major Resistance Levels – $106,000 and $106,800.
