Bitcoin Price Bounces Back: Bulls Eye New Upside Leg

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Bitcoin price started a fresh decline and tested the $103,200 zone. BTC is now recovering and might aim for a move above the $106,800 resistance.

  • Bitcoin started a fresh decline below the $106,800 and $105,500 levels.

  • The price is trading near $105,800 and the 100 hourly Simple moving average.

  • There was a break above a key bearish trend line with resistance at $105,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).

  • The pair could start a fresh increase if it clears the $106,800 resistance zone.

Bitcoin Price Recovers

Bitcoin price started a fresh decline after it failed to clear the $110,000 resistance zone. BTC declined below the $107,000 and $106,000 support levels.

The price even dipped below the $104,000 support level. Finally, it tested the $103,200 zone. A low was formed at $103,078 and the price is now recovering losses. There was a move above the 23.6% Fib retracement level of the recent decline from the $110,411 swing high to the $103,078 low.

Besides, there was a break above a key bearish trend line with resistance at $105,000 on the hourly chart of the BTC/USD pair. Bitcoin is now trading near $105,800 and the 100 hourly Simple moving average.

On the upside, immediate resistance is near the $106,000 level. The first key resistance is near the $106,750 level. It is close to the 50% Fib retracement level of the recent decline from the $110,411 swing high to the $103,078 low. The next key resistance could be $107,500.

Bitcoin Price

A close above the $107,500 resistance might send the price further higher. In the stated case, the price could rise and test the $108,000 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 $106,750 resistance zone, it could start another decline. Immediate support is near the $105,000 level. The first major support is near the $104,200 level.

The next support is now near the $103,200 zone. Any more losses might send the price toward the $102,500 support in the near term. The main support sits at $100,000, below which BTC might gain bearish momentum.

Technical indicators:

  • Hourly MACD – The MACD is now gaining pace in the bearish zone.

  • Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

  • Major Support Levels – $104,200, followed by $103,200.

  • Major Resistance Levels – $106,750 and $107,500.

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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