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Bitcoin price has started a new increase over the 107500 dollar area. BTC is now struggling to scan 110,500 dollars and may correct some gains.
- Bitcoin has started a new upward step over the $ 108,000 area.
- The price is traded above 107,800 dollars and a simple moving average 100 hours.
- There was a lower break from the bullish trend line with support at $ 109,450 on the watch chart for the BTC/USD (data feeding from KAKEN).
- The husband can start a new increase if he wipes the resistance area of $ 110,000.
Bitcoin price corrects the gains
Bitcoin price started a new increase after settling the subsidy area of $ 105500. BTC managed to exceed the resistance levels 106,500 dollars and $ 108,000.
The bulls pumped the price above 109,200 dollars. A height has been formed near $ 110,375 and the prices are now correcting the gains. There was 23.6 % lower step than the FIB recycling level by 23.6 % of the upward transition from an increase of 105,477 dollars to an increase of 110,373 dollars.
Moreover, there was a lower break from the upward trend line with support at $ 109,450 on the watch chart for the BTC/USD pair. Bitcoin is now trading over $ 107,500 and a simple moving average 100 hours.
On the upper side, the immediate resistance is approaching the level of 109,250 dollars. The first key resistance approaches the level of $ 110,000. The following main resistance can be $ 110,500. The closure above the resistance of $ 110,500 may be the price up to the top. In the aforementioned case, the price and the resistance level test may rise 112,000 dollars. Any other gains may send the price to the level of $ 115,000.
More losses in BTC?
If Bitcoin fails to rise above the $ 110,000 resistance area, it may begin to decrease. Immediate support is approaching the level of $ 108,000 and the REERRERMENT level by 50 % of the bullish move from the elevation of 105,477 dollars to an increase of $ 110,373. The first major support is near the level of 107,350 dollars.
The next support is now near the 106,550 dollar area. Any other losses may send the price towards $ 105,500 in the short term. The main support sits at 105,000 dollars, below that may gain BTC with a declining momentum.
Technical indicators:
MACD every hour – MACD is now losing a pace in the upper area.
RSI clock (RSI RSI) for BTC/USD is now less than 50 level.
Main support levels – $ 108,000, followed by $ 107,350.
Main resistance levels – $ 110,000 and $ 110,500.
The post Bitcoin Price Fails at $110K—Is the Rally Running Out of Steam? first appeared on Investorempires.com.
