Bitcoin Price Stabilizes After Drop — Early Signs Of Recovery Emerge

Bitcoin price is attempting to recover above $107,500 and $108,000. BTC could continue to move up if it clears the $109,500 resistance ￰0￱ started a fresh recovery wave above the $105,000 resistance ￰1￱ price is trading above $108,000 and the 100 hourly Simple moving ￰2￱ was a break above a bearish trend line with resistance at $107,500 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 $109,500 ￰3￱ Price Eyes Recovery Bitcoin price failed to surpass the $110,000 resistance level and started a fresh ￰4￱ dipped below the $108,000 and $106,500 support levels to enter a bearish ￰5￱ price even dipped below $105,000.

A low was formed at $103,583 and the price is correcting some ￰6￱ was a move above the 23.6% Fib retracement level of the recent decline from the $115,975 swing high to the $103,583 low. Besides, there was a break above a bearish trend line with resistance at $107,500 on the hourly chart of the BTC/USD ￰7￱ is now trading above $108,000 and the 100 hourly Simple moving ￰8￱ resistance on the upside is near the $109,500 ￰9￱ first key resistance is near the $110,000 ￰10￱ next resistance could be $111,250 and the 61.8% Fib retracement level of the recent decline from the $115,975 swing high to the $103,583 low. A close above the $111,250 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 Decline In BTC? If Bitcoin fails to rise above the $110,000 resistance zone, it could start a fresh ￰14￱ support is near the $108,000 ￰15￱ first major support is near the $107,500 ￰16￱ next support is now near the $106,200 ￰17￱ more losses might send the price toward the $105,500 support in the near ￰18￱ main support sits at $103,500, below which BTC might struggle to recover in the short ￰19￱ indicators: Hourly MACD – The MACD is now gaining pace in the bullish ￰20￱ RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 ￰21￱ Support Levels – $108,000, followed by $106,500. Major Resistance Levels – $109,500 and $111,250.