Bitcoin is in a desperate attempt to break the $107,000 resistance level. This is a significant challenge, and one that is being closely watched, as Bitcoin is nearing its 65-month cycle. BTC could move up if it breaks this critical resistance level, as represented by the $107,000 mark.
There is positive news, as Bitcoin has been trading above the $105,000 mark and the 100-hour Simple Moving Average.
Source: TradingView
A bullish signal is forming with the $104,000 mark price as the support level. If Bitcoin can maintain this key support level, it can definitely break free of the potential bear run everyone is worrying about.
|
Current Bitcoin Price 13434_c4bad9-ef> |
$106,500 13434_a37bf3-e2> |
|---|---|
|
Current Market Capitalization 13434_34b0e7-1c> |
$2.12 Trillion 13434_9776ca-24> |
|
Current Volume 13434_5578d5-40> |
$67.2 Billion 13434_414f6a-fb> |
|
Fear and Greed Index 13434_81af5c-61> |
26 Indicating Fear 13434_f0abda-f0> |
The market price is unable to climb as a key resistance has formed at the $107,000 mark. The bullish trend line forming around the key support means that if BTC can break through this resistance, it can definitely start a new climb.
Since Bitcoin was able to break the two key resistance points at $103,500 and $104,200, it could continue this trend at the new resistance point. The minor resistance at the $106,600 level needs to be broken if this bullish trend is to be strengthened.
If Bitcoin can break the $107,000 barrier, there is a high chance that a stronger resistance point will form at the $107,500 mark. A close above $107,500 can send the prices up higher. This will indicate that the bulls are gaining momentum in the market.
In the above case of Bitcoin breaking the $107,500 resistance, a new resistance is expected at the $108,000 mark. Breaking this point is critical to the bull run as it opens newer but less strong resistance points.
Breaking the $108,000 resistance can hopefully send the prices towards $109,200 level. At this point, the bulls will be facing new resistance at the $109,800 and $110,500 mark.
A key question that needs to be addressed at this point is whether BTC will be subject to another decline if the asset is unable to break the key resistance at the $107,000 mark. If BTC fails to break resistance, the next key support that could reverse the decline sits quite low at $104,800 level.
This is only an immediate support level; the major support level is still below this point at $104,000 and the trend line. Falling below this major support is bad news for BTC, as the next support level is a weak support situated at $103,300 zone, or the 50% Fibonacci retracement level.
If losses pile up again, the price could drop towards the next key support at the $102,350 level. However, there is support above this at $102,500 breaking which will make it difficult for BTC to recover in the near term.
With hourly MACD losing its pace in the bullish zone, the chances of BTC crossing the $107,000 resistance seem slim. This explains the fear sentiment that is riding the market. With major support levels at $104,850, followed by $104,000, BTC can pull itself together if it does not break these supports.
However, the major resistances at $106,500 and $107,000 are indeed a challenge, and breaking through these resistance levels may require the technicals to strengthen from their current values.
|
Daily High 13434_cd7bf6-fc> |
$106,800 13434_81789a-bc> |
|---|---|
|
Daily Low 13434_85b4bd-dd> |
$104,900 13434_8b7e8b-b9> |
|
Daily Average 13434_fde00c-c8> |
$105,850 13434_fb2f50-c7> |
| Date | Day of week | Daily Low | Daily High | Average |
|---|---|---|---|---|
| 12/11 | Wednesday | $103,951.74 | $106,688.84 | $105,320.29 |
| 13/11 | Thursday | $105,285.89 | $106,354.1 | $105,820 |
| 14/11 | Friday | $104,245.8 | $106,250.46 | $105,248.13 |
| 15/11 | Saturday | $105,560.32 | $106,438.94 | $105,999.63 |
| 16/11 | Sunday | $105,506.32 | $108,528.34 | $107,017.33 |
| 17/11 | Monday | $108,371.34 | $109,702.83 | $109,037.09 |
| 18/11 | Tuesday | $109,648.12 | $110,512.72 | $110,080.42 |
Bitcoin does not seem to be in a strong position to break the $107,000 resistance today. This could largely be attributed to the fact that the bullish momentum has not yet built up enough traction. In such a case, if Bitcoin fails to maintain its key support, the coming days may see a small dip in BTC price.
However, within the coming week, courtesy of the dip, the bulls may re-enter the market and bring the prices to a close above the $107,000 resistance point and effectively could rally the price to a possible high of $110,500.
| Disclaimer: These crypto price forecasts are based on predictive modeling and should not be considered financial advice. |
The post Bitcoin Price Prediction Today: Will BTC Break $107K Resistance? appeared first on BiteMyCoin.
