Bitcoin price started a recovery wave above the $105,000 zone. BTC is now consolidating and might attempt to clear the $106,500 resistance.
Bitcoin started a recovery wave above the $105,000 zone. The price is trading above $105,000 and the 100 hourly Simple moving average.
There is a bullish trend line forming with support at $105,350 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh decline if it breaks the $104,000 support zone.
Bitcoin price restarted its increase after initially declining and trading below the $102,500 support zone. BTC even traded close to the $100,000 zone before the bulls appeared.
A low was formed and the price recovered above the $103,500 resistance. The bulls pushed the price above the $105,000 resistance, forming a high at $106,426. The price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $100,400 swing low to the $106,426 high.
Bitcoin is currently trading above $105,000 and the 100 hourly Simple moving average. There is a bullish trend line forming with support at $105,350 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is near the $106,200 level. The first key resistance is near the $106,500 level, with the next key resistance potentially at $107,600.
A close above the $107,600 resistance might send the price further higher, testing the $108,800 resistance level. Any more gains could push the price toward the $110,000 level.
If Bitcoin fails to rise above the $106,200 resistance zone, it could start another decline. Immediate support is near the $105,200 level and the trend line.
The first major support is near the $103,500 level and the 50% Fib retracement level of the upward move from the $100,400 swing low to the $106,426 high. The next support is near the $102,000 zone.
Any further losses might send the price toward the $100,500 support in the near term. The main support sits at $100,000, below which BTC might gain bearish momentum.
Technical indicators show that the hourly MACD is gaining pace in the bullish zone, while the hourly RSI for BTC/USD is above the 50 level. Major support levels are at $105,200, followed by $103,500, while major resistance levels are at $106,200 and $107,600.
