Bitcoin Bounces Back — Are Bulls Ready to Launch the Next Leg Up?
#Bitcoin fell again to $103,200. BTC is rebounding and may break $106,800 resistance.
Bitcoin fell again below $106,800 and $105,500.
The price is at $105,800 and the 100-hour SMA.
BTC/USD broke over a negative trend line with resistance at $105,000 on the hourly chart.
The pair might rise again if it breaks $106,800 resistance.
Bitcoin Price Recovers
After failing to break $110,000, bitcoin price fell again. BTC fell below $107,000 and $106,000.
Price fell below $104,000 support. The $103,200 zone was examined last. After a low of $103,078, the price is rebounding. Price moved beyond the 23.6% Fib retracement level of the latest slide from $110,411 swing high to $103,078 low.
In addition, the hourly BTC/USD chart broke over a negative trend line with resistance at $105,000. Bitcoin is reaching $105,800 and the 100-hour SMA.
Close to $106,000 is immediate upward barrier. Near $106,750 is the first major resistance. It is around the 50% Fib retracement level of the latest slide from $110,411 swing high to $103,078 low. The next hurdle may be $107,500.
A closing above $107,500 resistance might boost prices. The price may increase to $108,000 resistance. Further advances might push the price beyond $110,000.
Another BTC Drop?
Bitcoin may fall again if it fails to break $106,750. Immediate support is about $105,000. Near $104,200 is the first big support.
Around $103,200 is the next support. More losses might push the price toward $102,500. BTC may go below $100,000, the primary support.
The technical indications
Hourly MACD - The negative zone is strengthening.
Relative Strength Index hourly BTC/USD RSI is over 50.
Major Support Levels: $104,200, $103,200.
Major Resistance: $106,750, $107,500.
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