Bitcoin prices began a new decline, testing the $103,200 zone. BTC is currently integrated and could be aiming for a recovery wave of over $106,000.
- Bitcoin has begun a new decline below the $106,500 zone.
- The price is traded above $105,000, with a simple moving average every 100 hours.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), there is a bearish trend line connecting with resistance, with resistance formed at $105,550.
- The pair could begin a new increase once they clear the $106,000 resistance zone.
Bitcoin price eye rise break
Bitcoin prices began a new decline, trading below the $106,500 support zone. BTC traded below the $105,500 level and tested its next support at $103,200.
The lowest is formed at $103,200, and the price consolidates the losses. It surpassed the $104,200 level and surpassed the 23.6% FIB retracement level from the recent $110,500 swing height to a low of $103,200.
Bitcoin is currently trading over $105,000 and trades a simple moving average every 100 hours. The advantage is that immediate resistance is close to the $105,550 level. There is also a key bearish trend line where resistance forms at $105,550 on the hourly chart of the BTC/USD pair.
The first important resistance is close to the $106,000 level. The next important resistance is $106,800. This is close to the 50% FIB retracement level of the recent decline from the recent $110,500 swing to the $103,200 low.
Over $106,800 resistance could lead to even higher prices. If stated, the price could rise and test a resistance level of $108,000. Any further profit could potentially send the price towards the $110,000 level.
Another drop in BTC?
If Bitcoin does not rise above the $106,000 resistance zone, it could begin another decline. Immediate support is close to the $105,000 level. The first major support is close to the $104,200 level.
The following support is located near the $103,200 zone: Any further losses could send the price to $102,500 in the short term. The main support is $101,200, and BTC may gain bearish momentum.
Technical indicators:
HOURLY MACD – MACD is currently increasing its pace in the bullish zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is above 50 levels.
Key support levels – $105,000, then $104,200.
Major resistance levels – $106,000 and $106,800.
