Bitcoin has begun a new rise above the $108,500 level. BTC has now risen over 3%, and is showing signs of positive growth above $110,000.
- Bitcoin began a new increase over the $108,500 area.
- Above the 100-hour Simple Moving Average, and above the price of $110 500.
- On the hourly chart for the BTC/USD, there was a breakout above the bearish trendline with resistance of $108,800 (data from Kraken).
- If the pair clears $112,000, it could rise further.
Bitcoin price to see more gains
After clearing the previous high, Bitcoin prices started to rise again. $108,500 resistance zone. BTC has gained momentum for an upward move over the resistance of $108,800 and $109,500.
On the BTC/USD hourly chart, we also saw a break over a trendline that was bearish and had resistance at $108,800. The bulls even lifted the pair to the zone of resistance at $110,000. This opened up the possibility of a rise to the $112,000 mark.
The price has now settled at the $112,000 high. gains. It was testing the 23,6% Fib Retracement Level of the upward movement from the $107 500 swing low to $112,000 high.
Bitcoin now trades above $109500 and 100 hourly simple moving average. The immediate resistance to the upside lies near $111 600. Near the level of $112,000, we find our first major resistance. The next possible resistance is $112,500.
Price could rise if the resistance level of $112,500 is breached. The price may rise in the case stated and try to test $115,000 as a resistance. Price could reach $116,000 if it gains more. It is possible that the main goal could be $118,000.
Downside Correction In BTC?
Bitcoin may start to fall if the resistance zone of $112,000 is not overcome. Near the $108,800 mark, there is immediate support. First major support near $109750 or 50% Fib level. This is the level where the move upwards from $107500 swing low up to $112,000 was retraced.
Next support zone is near $109,200. In the short term, any further losses could send the price towards the $108,500 resistance. BTC may continue to fall if the main support is below $107,000.
Indicators of technical indicators
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $110,800, followed by $109,750.
Major Resistance Levels – $112,000 and $115,000.
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Source: www.newsbtc.com
