Bitcoin price encounters resistance – traders’ eyes break through or refuse
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Bitcoin price began a new decline and tested the $103,200 area. BTC is now recovering and facing a $107,000 hurdle.
- Bitcoin started a wave of recovery above the $105,000 area.
- Prices trade for more than $105,000, while the simple moving average of 100 hours.
- The hourly chart of the BTC/USD pair (Kraken’s data feed) has a connected bullish trend line on the hourly chart and supports it at $104,050.
- If the couple clears the $107,000 resistance zone, they may start a new growth.
Bitcoin price faces obstacles
Bitcoin prices began a new decline and traded at the price of the $105,500 support zone. BTC even traded for $105,500 and tested the next support for $103,200.
The price is at $103,200 and the price is trying to recover from the wave. The recent decline in selling prices above the $110,500 swingman, to a low of $103,200, above the $104,500 level and a 23.6% FIB retracement level. The price even cleared the $105,000 resistor.
Bitcoin is now trading at more than $105,000, while the 100-hour simple moving average. On the hourly chart of the BTC/USD pair, there is also a connected bullish trend line forming supporting $104,050. On the plus side, immediate resistance is close to the $106,850 level. It is close to the recent 50% FIB retracement level from the $110,500 Swing High to the $103,200 low.
The first key resistance is close to the $107,000 level. The next key resistance could be $107,800. Turning off resistors over $107,800 may make the price even higher. In the case of statements, the price may rise and test the resistance level of $109,000. More gains may shift the price to the $110,000 level.
Another drop of BTC?
If Bitcoin fails to exceed the $107,000 resistance zone, it may drop again. Instant support is close to the $105,000 level. The first major support is the level close to the $104,000 and the trend line.
Now, the next support is near the $103,200 area. In the short term, more losses may send the price to $102,500 in support. The main support rate is $101,200, and BTC may gain bearish momentum.
Technical indicators:
Hourly MACD – MACD is now losing pace in bullish areas.
Hour RSI (Relative Strength Index) – The RSI of BTC/USD is now below level 50.
Main support level – $105,000, followed by $104,000.
Major resistance levels – $107,000 and $107,800.
