Bitcoin Price Stabilizes After Drop — Early Signs Of Recovery Emerge

Bitcoin price is attempting to recover above $108,000 and $108,500. BTC tested $111,800 and is currently trimming recent ￰0￱ started a fresh recovery wave above the $108,000 resistance ￰1￱ price is trading above $108,000 and the 100 hourly Simple moving ￰2￱ is a bullish trend line with support at $108,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might continue to move up if it trades above the $110,500 ￰3￱ Price Trims Some Gains Bitcoin price started a recovery wave above the $105,500 ￰4￱ was able to surpass the $107,500 and $108,500 resistance ￰5￱ bulls pushed the price above $110,500. There was a clear move above the 50% Fib retracement level of the recent decline from the $115,975 swing high to the $103,582 low.

However, the bulls struggled to keep the price above the $111,500 ￰6￱ price is slowly moving lower from the 61.8% Fib retracement level of the recent decline from the $115,975 swing high to the $103,582 low. Besides, there is a bullish trend line with support at $108,800 on the hourly chart of the BTC/USD ￰7￱ is now trading above $109,000 and the 100 hourly Simple moving ￰8￱ resistance on the upside is near the $110,500 ￰9￱ first key resistance is near the $111,200 ￰10￱ next resistance could be $111,500. A close above the $111,500 resistance might send the price further ￰11￱ the stated case, the price could rise and test the $112,500 ￰12￱ more gains might send the price toward the $113,200 ￰13￱ next barrier for the bulls could be $115,000.

Another Drop In BTC? If Bitcoin fails to rise above the $110,000 resistance zone, it could start a fresh ￰14￱ support is near the $108,800 level and the trend ￰15￱ first major support is near the $108,000 ￰16￱ next support is now near the $107,550 ￰17￱ more losses might send the price toward the $106,500 support in the near ￰18￱ main support sits at $105,500, below which BTC might struggle to recover in the short ￰19￱ indicators: Hourly MACD – The MACD is now gaining pace in the bearish ￰20￱ RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 ￰21￱ Support Levels – $108,800, followed by $108,000. Major Resistance Levels – $110,500 and $111,500.