Bitcoin Price Comeback Meets Resistance: Breakout or Rejection?

Bitcoin worth began a recent upward transfer above $103,200. BTC is now correcting positive aspects and would possibly revisit the $102,000 help zone.

Bitcoin began a good upward transfer above the $103,200 zone.
The worth is buying and selling above $103,000 and the 100 hourly Easy transferring common.
There’s a key bullish pattern line forming with help at $103,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
The pair might begin one other enhance if it stays above the $102,000 zone.

Bitcoin Worth Recovers Above $102,000

Bitcoin worth began a good enhance above the $101,500 resistance zone. BTC was capable of surpass the $102,200 and $103,200 resistance ranges to maneuver right into a optimistic zone.

It even cleared the $104,500 resistance zone. The pair settled in a optimistic zone and now faces hurdles close to the $106,500 zone. A excessive was fashioned at $106,414 and the worth is now correcting positive aspects. There was a transfer under the $105,000 stage.

It’s now testing the 23.6% Fib retracement stage of the upward transfer from the $97,688 swing low to the $106,414 excessive. Bitcoin worth is now buying and selling above $103,000 and the 100 hourly Easy transferring common.

There may be additionally a key bullish pattern line forming with help at $103,500 on the hourly chart of the BTC/USD pair. On the upside, rapid resistance is close to the $105,500 stage. The primary key resistance is close to the $106,500 stage. The following key resistance might be $107,000.

A detailed above the $107,000 resistance would possibly ship the worth additional greater. Within the acknowledged case, the worth might rise and check the $108,800 resistance stage. Any extra positive aspects would possibly ship the worth towards the $110,000 stage.

One other Decline In BTC?

If Bitcoin fails to rise above the $105,000 resistance zone, it might begin a recent decline. Fast help on the draw back is close to the $103,500 stage. The primary main help is close to the $102,500 stage and the 50% Fib retracement stage of the upward transfer from the $97,688 swing low to the $106,414 excessive.

The following help is now close to the $102,000 zone. Any extra losses would possibly ship the worth towards the $100,500 help within the close to time period.

Technical indicators:

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

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

Main Help Ranges – $103,500, adopted by $102,500.

Main Resistance Ranges – $105,500 and $106,500.