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Bitcoin is trading around $105,616, undergoing a technical correction after reaching a weekly high of $107,500.
According to the H4 chart, we can see that Bitcoin encountered strong resistance around $107,000. Currently, the BTC price is below this level, indicating that the decline is likely to continue. Crypto could find good support around the 21 SMA located at $103,794 or around the bottom of the ascending trend channel located at $104,000.
Should Bitcoin reach the $104,000 price level in the coming hours, it will be seen as an opportunity to resume buying with targets at $108,967 (around the 3/8 Murray and the 200 EMA). The instrument could finally reach the 4/8 Murray, which coincides with the top of the ascending trend channel around $112,500.
Conversely, if Bitcoin falls below $104,000 and below the 21SMA, we could expect it to reach the psychological level of $100,000 again and even return to the price levels of November 6th, around $98,000.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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