Bitcoin Price Comeback Meets Resistance: Breakout or Rejection?
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Bitcoin price started a fresh upward move above $103,200. BTC is now correcting gains and might revisit the $102,000 support zone.
Bitcoin started a decent upward move above the $103,200 zone.
The price is trading above $103,000 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support at $103,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it stays above the $102,000 zone.
Bitcoin Price Recovers Above $102,000
Bitcoin price started a decent increase above the $101,500 resistance zone. BTC was able to surpass the $102,200 and $103,200 resistance levels to move into a positive zone.
It even cleared the $104,500 resistance zone. The pair settled in a positive zone and now faces hurdles near the $106,500 zone. A high was formed at $106,414 and the price is now correcting gains. There was a move below the $105,000 level.
It is now testing the 23.6% Fib retracement level of the upward move from the $97,688 swing low to the $106,414 high. Bitcoin price is now trading above $103,000 and the 100 hourly Simple moving average.
There is also a key bullish trend line forming with support at $103,500 on the hourly chart of the BTC/USD pair. On the upside, immediate resistance is near the $105,500 level. The first key resistance is near the $106,500 level. The next key resistance could be $107,000.
A close above the $107,000 resistance might send the price further higher. In the stated case, the price could rise and test the $108,800 resistance level. Any more gains might send the price toward the $110,000 level.
Another Decline In BTC?
If Bitcoin fails to rise above the $105,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $103,500 level. The first major support is near the $102,500 level and the 50% Fib retracement level of the upward move from the $97,688 swing low to the $106,414 high.
The next support is now near the $102,000 zone. Any more losses might send the price toward the $100,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $103,500, followed by $102,500.
Major Resistance Levels – $105,500 and $106,500.
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