Bitcoin price is trying to recover above $107,500 and $108,000. BTC could continue to rise if it breaks through the $109,500 resistance zone.
- Bitcoin started a new wave of recovery above the $105,000 resistance level.
- The price is moving above $108,000 and the 100-hour simple moving average.
- There was a break above the bearish trendline with resistance at $107,500 on the hourly chart of the BTC/USD pair (data from Kraken).
- The pair could continue to rise if it trades above the $109,500 zone.
Bitcoin Price Eyes Recovery
Bitcoin price failed to cross the resistance level of $110,000 and started a new decline. BTC broke below the $108,000 and $106,500 support levels and entered the bearish zone.
The price even dropped below $105,000. A low was formed at $103,583 and the price is recovering some losses. There was a move above the 23.6% Fib retracement level of the recent drop from $115,975 to the $103,583 low.
In addition, there was a break above the bearish trend line with resistance at $107,500 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $108,000 and the 100-hour simple moving average.
Current resistance to the upside is near the $109,500 level. The first key resistance is near the $110,000 level. The next resistance could be $111,250 and the 61.8% Fib retracement level of the recent drop from $115,975 to the $103,583 low.
A close above the $111,250 resistance could further push the price higher. In the said case, the price could rise and test the $112,500 resistance. Any further gains could send the price towards the $113,200 level. The next hurdle for the bulls could be $115,000.
Another BTC crash?
If Bitcoin fails to rise above the $110,000 resistance zone, another downtrend could begin. Current support is near the $108,000 level. The first major support is near the $107,500 level.
The next support is now near the $106,200 zone. Any further losses could send the price towards the $105,500 support in the near term. The main support is at $103,500, below which BTC may struggle to recover in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining a step in the bullish zone.
Hourly RSI (Relative Strength Index) – RSI for BTC/USD is now above the 50 level.
Major support levels – $108,000 and then $106,500.
Major resistance levels – $109,500 and $111,250.
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