"The bears came out in full force once again last week as bitcoin took out last week's low at around $105,000 to hit $103,000 and change. We again saw a nice bounce from the support zone down there, but so far the bounce is weaker than we experienced the week prior. The bulls are back on their heels once again and looking like they will remain subdued for the foreseeable future."
"We have a wall of resistance above price now, with resistance levels sitting at $112,200, $115,500 and then $117,600 sitting right on the 0.618 Fibonacci Retracement. Even if price manages to climb above all of these levels, we still have to close convincingly above $122,000 in order to turn bias back towards the bulls and look for higher prices. On the low end, we have gotten all the strength we could hope for out of the $105,000 to $102,000 support zone,"
Bitcoin declined to around $103,000 after taking out the prior low near $105,000, producing a weaker bounce than the previous week. The market closed at $108,717, below the 21 EMA, reinforcing a bearish bias. Immediate overhead resistance sits at $112,200, $115,500 and $117,600 (0.618 Fibonacci), and a decisive daily close above $122,000 is required to shift bias bullish. The $105,000–$102,000 support zone has shown its limits; stronger support lies near $98,000 (55 EMA) and $96,000. A close below $96,000 would open lower targets and likely end the bull market. Short-term price may test resistance multiple times, with $106,900 providing limited hope for bulls.
Read at Bitcoin Magazine
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