Bitcoin rallies off support
Bitcoin bullish scenario:
Bitcoin’s recovery from last week’s lows is grappling with its early June high at $110,617.03.
If overcome on a daily chart closing basis, the resistance area between the May high and early August low at $111,982.45 – $111,965.80 would likely be next in line but may, at least short-term, cap.
For the medium-term bullish trend to resume a rise above the late August high at $113,510.23 would need to occur.
Bitcoin bearish scenario:
Support below the 26 August low at $108,757.90 comes in at last week’s lows at $107,412.82 – $107,286.25.
Were this support area to give way on a daily chart closing basis, the early July low at $105,105.03 may be revisited.