The Bitcoin price was supported above the $ 107,500 area. BTC is now taking up losses and could aim for a move above the resistance of $ 109,200.
- Bitcoin started a recovery wave above the $ 108,000 area.
- The price is exchanged over $ 108,500 and the simple 100 -hour mobile average.
- There is a reliable trend line that is resisted with $ 109,050 on the time graphic of the BTC/USD couple (data feed from Kraken).
- The torque could start a new increase if it remains above the $ 107,500 area.
Bitcoin Price Eyes Hupside Break
The price of Bitcoin started a new drop after it failed close to the $ 110,000 area. BTC decreased below $ 108,500 and $ 108,000 levels before it appears.
A minimum was formed at $ 107,650 and the price started a wave of recovery. There was a move above the $ 108,500 resistance area. The price rises above the FIB retracing level of 50% of the move down from the $ 109,700 $ 109.700 to a minimum of $ 107,500.
Bitcoin is now exchanged over $ 108,500 and the simple 100 -hour mobile average. The first key resistance is close to the level of $ 109,050. In addition, there is a reliable trendy line that is resisted with $ 109,050 on the time graphic of the BTC/USD torque.
The next resistance could be $ 109,200 or the FIB level of 76.4% of the move down from above $ 109,700 at the top to a minimum of $ 107,500. A closure above the resistance of $ 109,200 could send the highest price. In the declared case, the price could increase and test the level of resistance by $ 110,000. Other earnings may send the price to the level of $ 112,000. The main objective could be $ 115,000.
Another decline in BTC?
If Bitcoin cannot overcome the $ 109,200 resistance area, another decline could start. Immediate support is close to the $ 108,400 level. The first important support is close to the $ 108,200 level.
The next support is now close to the $ 107,500 area. Other losses may send the price to the support of $ 105,500 in the short term. The main support is located at $ 103,500, below which BTC could continue to go down.
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 – $ 108,500, followed by $ 107,500.
The main resistance levels – $ 109,200 and $ 110,000.