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Bitcoin price began a new decline and tested the $103,200 area. BTC is now being merged, with a possible target of a recovery wave of more than $106,000.
- Bitcoin’s new decline is below the $106,500 region.
- 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 connected bearish trend line with a resistance of $105,550.
- If the couple clears the $106,000 resistance zone, they may start a new increase.
Bitcoin price rests on the eyes
Bitcoin prices began a new decline and traded at the price of the $106,500 support zone. BTC even traded for $105,500 and tested the next support for $103,200.
The low price is $103,200 and the current price is consolidating the loss. The swinger has recently dropped by $110,500, above the $104,200 level and a 23.6% FIB retracement level turnover to a low of $103,200.
Bitcoin is now trading at more than $105,000, while the 100-hour simple moving average. On the plus side, immediate resistance is close to the $105,550 level. There is also a key bearish trend line on the hourly chart of the BTC/USD pair with resistance of $105,550.
The first key resistance is close to the $106,000 level. The next key resistance could be $106,800. It is close to the recent 50% FIB retracement level from the $110,500 Swing High to the $103,200 low.
Turning off resistors above $106,800 may make the price even higher. In the case of statements, the price may rise and test the resistance level of $108,000. More gains may shift the price to the $110,000 level.
Another drop of BTC?
If Bitcoin fails to exceed the $106,000 resistance zone, it may drop again. Instant support is close to the $105,000 level. The first major support is close to $104,200.
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 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 – $105,000, followed by $104,200.
Major resistance levels – $106,000 and $106,800.
