Bitcoin prices are starting a wave of recovery above the $105,000 region. BTC is now merging and may try to clear the $106,500 resistor.
- 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.
- On the hourly table of the BTC/USD pair (Kraken’s feed), there is a bullish trend line forming with the supported trend line of $105,350.
- If the couple breaks the $104,000 support zone, the couple may start a new decline.
Bitcoin price rises
Bitcoin prices began a new decline and traded at the price of the $102,500 support zone. Before the Bulls appeared, BTC even traded $100,000.
A low point was formed, with a price above resistance above $103,500. The Bull even pushed the price up by $105,000 in resistance. The high price was formed at $106,426, and the price is now consolidating at an upward level above the 23.6% FIB recycling level, falling from the swing of $100,400 to a high of $106,426.
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 bullish trend line supporting $105,350.
On the plus side, immediate resistance is close to the $106,200 level. The first key resistance is close to the $106,500 level. The next key resistance could be $107,600. The shutdown of resistors over $107,600 may make the price even higher. In the case of statements, the price may rise and test the resistance level of $108,800. More gains may shift the price to the $110,000 level.
Another decline in BTC?
If Bitcoin fails to exceed the $106,200 resistance zone, it may drop again. Instant support is close to the $105,200 level and trendline. The first major support is the close to the $103,500 level, from a swing of $100,400 to a height of $106,426, with a 50% FIB retracement level moving upwards.
Now, the next support is near the $102,000 area. In the short term, more losses may send the price to $100,500 in support. Main support is at $100,000, while BTC may gain bearish momentum.
Technical indicators:
Hourly MACD – MACD is now accelerating its pace in the bullish area.
Hour RSI (Relative Strength Index) – The RSI of BTC/USD is now above level 50.
Main support level – $105,200, followed by $103,500.
Major resistance levels – $106,200 and $107,600.
