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Bitcoin Price Confronts Major Technical Wall Around $107K, Momentum Starts to Slow

Bitcoin value is making an attempt to get better above $105,500. BTC may proceed to transfer up if it clears the $107,000 resistance zone.

  • Bitcoin began an honest restoration wave above the $105,000 assist.
  • The value is buying and selling above $105,000 and the 100 hourly Simple transferring common.
  • There is a bullish development line forming with assist at $104,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair may proceed to transfer up if it settles above the $107,000 zone.

Bitcoin Price Faces Key Resistance

Bitcoin value managed to keep above the $102,000 assist stage and began a recovery wave. BTC recovered above the $103,500 and $104,200 resistance ranges.

The pair even climbed above $105,500. Finally, it examined the $107,500 resistance zone. A high was fashioned at $107,400 and the worth is now consolidating positive factors. There was a minor decline beneath the 23.6% Fib retracement stage of the upward transfer from the $99,222 swing low to the $107,400 high.

Bitcoin is now buying and selling above $105,000 and the 100 hourly Simple moving average. If the bulls try one other restoration wave, the worth may face resistance close to the $106,600 stage. The first key resistance is close to the $107,000 stage.

The subsequent resistance might be $107,500. An in depth above the $107,500 resistance may ship the worth additional larger. In the acknowledged case, the worth may rise and check the $108,000 resistance. Any extra positive factors may ship the worth towards the $109,200 stage. The subsequent barrier for the bulls might be $109,800 and $110,500.

Another Decline In BTC?

If Bitcoin fails to rise above the $107,000 resistance zone, it may begin one other decline. Immediate assist is close to the $104,800 stage. The first main assist is close to the $104,000 stage and the development line.

The subsequent assist is now close to the $103,300 zone or the 50% Fib retracement stage of the upward transfer from the $99,222 swing low to the $107,400 high. Any extra losses may ship the worth towards the $102,350 assist within the close to time period. The predominant assist sits at $102,500, beneath which BTC may battle to get better within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now shedding tempo within the bullish zone.

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

Major Support Levels – $104,850, adopted by $104,000.

Major Resistance Levels – $106,500 and $107,000.

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