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The price of Bitcoin started a new drop and tested the $ 103,200 area. BTC is now consolidating and could aim for a wave of recovery greater than $ 106,000.
- Bitcoin has started a new drop below the $ 106,500 area.
- The price is exchanged over $ 105,000 and the simple 100 -hour mobile average.
- There is a reliable trend line that is resisted with $ 105,550 on the time graphic of the BTC/USD couple (data feed from Kraken).
- The couple could start a new increase if it deletes the resistance area of $ 106,000.
Bitcoin Price Eyes Hupside Break
Bitcoin Price has started a new drop and exchanged below the support area of $ 106,500. BTC has even exchanged below the level of $ 105,500 and tested the next support to $ 103,200.
A minimum was formed at $ 103,200 and the price is now consolidating losses. There has been a move above the level of $ 104,200 and the FIB retracing level of 23.6% of the recent drop in $ 110,500 swing at the top at a minimum of $ 103,200.
Bitcoin is now exchanged above $ 105,000 and the simple 100 -hour mobile average. On the positive side, the immediate resistance is close to the level of $ 105,550. There is also a reliable trendy line that is resisted with $ 105,550 on the time graphic of the BTC/USD torque.
The first key resistance is close to the $ 106,000 level. The next resistance to the key could be $ 106,800. It is close to the FIB retracing level of 50% of the recent drop in $ 110,500 swing to a minimum of $ 103,200.
A closure above the resistance of $ 106,800 could send the price higher. In the declared case, the price could increase and test the level of resistance by $ 108,000. Other earnings may send the price to the level of $ 110,000.
Another drop in BTC?
If Bitcoin cannot overcome the resistance area of $ 106,000, another decline could start. Immediate support is close to the $ 105,000 level. The first important support is close to the $ 104,200 level.
The next support is now close to the $ 103,200 area. Other losses may send the price to the support of $ 102,500 in the short term. The main support is located at $ 101,200, below which BTC could earn a bearish momentum.
Technical indicators:
MACD TIME – The MacD is now gaining the rhythm in the bullish area.
TIME TIME (relative resistance index) – The RSI for BTC/USD is now above level 50.
The main support levels – $ 105,000, followed by $ 104,200.
The main resistance levels – $ 106,000 and $ 106,800.