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Bitcoin Price started a new drop and tested the $ 103,200 area. BTC is now consolidated and could target a recovery wave of more than $ 106,000.
- Bitcoin started a new drop below the $ 106,500 zone.
- The price is traded over $ 105,000 and the single mobile average of 100 hours.
- There is a lower connection line of connection forming with resistance at $ 105,550 on the time graph of the BTC / USD pair (Kraken data flow).
- The pair could start a new increase if it erases the resistance zone of $ 106,000.
Bitcoin Price Eyes Upside Break
The price of Bitcoin began a new drop and exchanged below the $ 106,500 support area. BTC even exchanged below $ 105,500 and has tested the next support at $ 103,200.
A hollow was formed at $ 103,200 and the price now consolidates losses. There was a decision above the level of $ 104,200 and the FIB trace level of 23.6% of the recent drop in swing of $ 110,500 in $ 103,200.
Bitcoin is now traded over $ 105,000 and the 100 hours on the simple mobile average. Uplining, immediate resistance is close to the level of $ 105,550. There is also a wrestling trend line forming with resistance at $ 105,550 on the time table of the BTC / USD pair.
The first resistance of the keys is close to the level of $ 106,000. The next keys could be $ 106,800. It is close to the FIB retracement level to 50% of the recent drop in swing of $ 110,500 at the bottom of $ 103,200.
A fence greater than the resistance of $ 106,800 could send the higher price. In the indicated case, the price could increase and test the resistance level by $ 108,000. Other gains could send the price at $ 110,000.
Another drop in BTC?
If Bitcoin does not exceed the resistance zone of $ 106,000, it could start another drop. Immediate support is close to the level of $ 105,000. The first major support is close to the level of $ 104,200.
The following support is now close to the $ 103,200 area. Other losses could send the price to the support of $ 102,500 in the short term. The main support is at $ 101,200, below which BTC could take a downward dynamic.
Technical indicators:
MacD Schedule – The MacD now wins the pace in the bullish area.
Schedule RSI (Relative resistance index) – The RSI for BTC / USD is now higher than level 50.
Major support levels – $ 105,000, followed by $ 104,200.
Major resistance levels – $ 106,000 and $ 106,800.
