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 increase above the $107,500 zone. BTC is now struggling to clear $110,500 and might correct some gains.
- Bitcoin started a fresh upward move above the $108,000 zone.
- The price is trading above $107,800 and the 100 hourly Simple moving average.
- There was a break below a bullish trend line with support at $109,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh surge if it clears the $110,000 resistance zone.
Bitcoin Price Corrects Gains
Bitcoin price started a fresh increase after it settled above the $105,500 support zone. BTC was able to surpass the $106,500 and $108,000 resistance levels.
The bulls even pumped the price above the $109,200 resistance. A high was formed near $110,375 and the price is now correcting gains. There was a move below the 23.6% Fib retracement level of the upward move from the $105,477 swing low to the $110,373 high.
Besides, there was a break below a bullish trend line with support at $109,450 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $107,500 and the 100 hourly Simple moving average.
On the upside, immediate resistance is near the $109,250 level. The first key resistance is near the $110,000 level. The next key resistance could be $110,500. A close above the $110,500 resistance might send the price further higher. In the stated case, the price could rise and test the $112,000 resistance level. Any more gains might send the price toward the $115,000 level.
More Losses In BTC?
If Bitcoin fails to rise above the $110,000 resistance zone, it could start another decline. Immediate support is near the $108,000 level and the 50% Fib retracement level of the upward move from the $105,477 swing low to the $110,373 high. The first major support is near the $107,350 level.
The next support is now near the $106,550 zone. Any more losses might send the price toward the $105,500 support in the near term. The main support sits at $105,000, below which BTC might gain bearish momentum.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $108,000, followed by $107,350.
Major Resistance Levels – $110,000 and $110,500.
Credit: Source link
