Bitcoin Price Stabilizes — Buyers Step In To Prevent Deeper Correction

Bitcoin price is attempting to recover above $108,500 and $108,800. BTC could rise further if there is a clear move above the $111,200 ￰0￱ started a fresh recovery wave above the $108,800 resistance ￰1￱ price is trading above $109,000 and the 100 hourly Simple moving ￰2￱ was a break above a short-term channel with resistance at $108,700 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 $111,200 ￰3￱ Price Starts Fresh Increase Bitcoin price declined again below the $109,000 ￰4￱ tested the $106,720 zone and is currently attempting a fresh ￰5￱ was a move above the $108,000 and $108,800 resistance ￰6￱ price climbed above the 50% Fib retracement level of the downward move from the $114,000 swing high to the $106,717 low.

Besides, there was a break above a short-term channel with resistance at $108,700 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 $111,200 level or the 61.8% Fib retracement level of the downward move from the $114,000 swing high to the $106,717 ￰9￱ first key resistance is near the $111,500 ￰10￱ next resistance could be $112,500. A close above the $112,500 resistance might send the price further ￰11￱ the stated case, the price could rise and test the $113,200 ￰12￱ more gains might send the price toward the $114,000 ￰13￱ next barrier for the bulls could be $115,500.

Another Drop In BTC? If Bitcoin fails to rise above the $111,200 resistance zone, it could start a fresh ￰14￱ support is near the $109,500 ￰15￱ first major support is near the $108,800 ￰16￱ next support is now near the $108,500 ￰17￱ more losses might send the price toward the $107,400 support in the near ￰18￱ main support sits at $106,500, 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 – $109,500, followed by $108,800. Major Resistance Levels – $111,200 and $112,500.