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Bitcoin Price Attempts Rebound After Sell-Off, Can Bulls Sustain Move?

Bitcoin worth is making an attempt to get better above $103,500. BTC might proceed to maneuver up if it clears the $106,500 resistance zone.

  • Bitcoin began a good restoration wave above the $103,500 assist.
  • The worth is buying and selling above $104,500 and the 100 hourly Simple transferring common.
  • There was a break above a key bearish development line with resistance at $102,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair may proceed to maneuver up if it clears the $106,500 zone.

Bitcoin Price Recovers 3%

Bitcoin worth managed to remain above the $101,000 assist stage and began a recovery wave. BTC recovered above the $102,500 and $103,500 resistance ranges.

There was a break above a key bearish development line with resistance at $102,000 on the hourly chart of the BTC/USD pair. The pair even climbed above $105,000. Finally, it examined the $106,500 resistance zone. A high was shaped at $106,593 and the worth is now consolidating beneficial properties above the 23.6% Fib retracement stage of the upward transfer from the $99,222 swing low to the $106,593 high.

Bitcoin is now buying and selling above $104,000 and the 100 hourly Simple moving average. If the bulls try one other restoration wave, the worth might face resistance close to the $106,000 stage. The first key resistance is close to the $106,500 stage.

The subsequent resistance might be $107,500. A detailed above the $107,500 resistance may ship the worth additional greater. In the acknowledged case, the worth might rise and take a look at the $108,000 resistance. Any extra beneficial properties 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 $106,500 resistance zone, it might begin one other decline. Immediate assist is close to the $104,850 stage. The first main assist is close to the $104,200 stage.

The subsequent assist is now close to the $103,500 zone. Any extra losses may ship the worth towards the $102,900 assist within the close to time period. The primary assist sits at $102,500, under which BTC may wrestle to get better within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now gaining 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 $104,200.

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

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