{"id":29284,"date":"2024-12-18T02:38:45","date_gmt":"2024-12-18T02:38:45","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=29284"},"modified":"2024-12-18T02:38:45","modified_gmt":"2024-12-18T02:38:45","slug":"bitcoin-price-corrects-yet-support-zones-keep-bulls-in-play","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=29284","title":{"rendered":"Bitcoin Price Corrects, Yet Support Zones Keep Bulls in Play"},"content":{"rendered":"

Bitcoin price started another increase above the $106,000 resistance zone. BTC traded to a new all-time high above $108,000 and is currently correcting gains.<\/em><\/p>\n

Bitcoin started a fresh surge above the $106,000 zone.
\nThe price is trading above $105,000 and the 100 hourly Simple moving average.
\nThere was a break below a key bullish trend line with support at $106,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a fresh increase if it stays above the $103,750 support zone.<\/p>\n

Bitcoin Price Remains In Uptrend<\/h2>\n

Bitcoin price formed a base and started a fresh increase<\/a> above the $103,500 zone. There was a move above the $104,000 and $105,000 levels.<\/p>\n

The price even cleared the $106,000 level. A new all-time high was formed at $108,297 and the price is now correcting gains. There was a minor decline below the 23.6% Fib retracement level of the recent wave from the $99,250 swing low to the $108,297 high.<\/p>\n

There was a break below a key bullish trend line<\/a> with support at $106,000 on the hourly chart of the BTC\/USD pair. Bitcoin price is now trading above $105,000 and the 100 hourly Simple moving average.<\/p>\n

On the upside, the price could face resistance near the $106,200 level. The first key resistance is near the $107,750 level. A clear move above the $107,750 resistance might send the price higher. The next key resistance could be $108,250. A close above the $108,250 resistance might send the price further higher.<\/p>\n

<\/a><\/p>\n

In the stated case, the price could rise and test the $112,000 resistance level. Any more gains might send the price toward the $115,000 level.<\/p>\n

More Downsides In BTC?<\/h2>\n

If Bitcoin fails to rise above the $106,200 resistance zone, it could continue to move down. Immediate support on the downside is near the $105,000 level.<\/p>\n

The first major support is near the $103,750 level or the 50% Fib retracement level of the recent wave from the $99,250 swing low to the $108,297 high. The next support is now near the $102,200 zone. Any more losses might send the price toward the $100,500 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $105,000, followed by $103,750.<\/p>\n

Major Resistance Levels \u2013 $106,200, and $108,250.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price started another increase above the $106,000 resistance zone. BTC traded to a new all-time high above $108,000 and is currently correcting gains. Bitcoin started a fresh surge above the $106,000 zone. The price is trading above $105,000 and the 100 hourly Simple moving average. There was a break below a key bullish trend […]<\/p>\n","protected":false},"author":0,"featured_media":29285,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-29284","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/29284"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=29284"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/29284\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/29285"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29284"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29284"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29284"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}