Bitcoin Price Stabilizes After Drop — Early Signs | Crypto News
Bitcoin price is making an attempt to recuperate above $107,500 and $108,000. BTC might continue to transfer up if it clears the $109,500 resistance zone.
- Bitcoin began a recent recovery wave above the $105,000 resistance stage.
- The price is trading above $108,000 and the 100 hourly Simple shifting average.
- There was a break above a bearish development line with resistance at $107,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair would possibly continue to transfer up if it trades above the $109,500 zone.
Bitcoin Price Eyes Recovery
Bitcoin price failed to surpass the $110,000 resistance stage and began a recent decline. BTC dipped below the $108,000 and $106,500 help ranges to enter a bearish zone.
The price even dipped below $105,000. A low was shaped at $103,583 and the price is correcting some losses. There was a transfer above the 23.6% Fib retracement stage of the current decline from the $115,975 swing high to the $103,583 low.
Besides, there was a break above a bearish development 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 hourly Simple shifting average.
Immediate resistance on the upside is close to the $109,500 stage. The first key resistance is close to the $110,000 stage. The next resistance could possibly be $111,250 and the 61.8% Fib retracement stage of the current decline from the $115,975 swing high to the $103,583 low.
A close above the $111,250 resistance would possibly ship the price additional larger. In the acknowledged case, the price might rise and take a look at the $112,500 resistance. Any more features would possibly ship the price toward the $113,200 stage. The next barrier for the bulls could possibly be $115,000.
Another Decline In BTC?
If Bitcoin fails to rise above the $110,000 resistance zone, it might start a recent decline. Immediate help is close to the $108,000 stage. The first major help is close to the $107,500 stage.
The next help is now close to the $106,200 zone. Any more losses would possibly ship the price toward the $105,500 help in the close to time period. The main help sits at $103,500, below which BTC would possibly wrestle to recuperate in the short time period.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.
Major Support Levels – $108,000, adopted by $106,500.
Major Resistance Levels – $109,500 and $111,250.
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