Bitcoin’s price has started to increase again and reached a new high of $111600. BTC’s price is consolidating now and may start a new increase over $111,000
- Bitcoin has started to move upwards again from $106,800.
- Price is above the Simple Moving Average of 100 hours and $108,500.
- The hourly chart shows a breaking above the $107,800 resistance level of a major bearish trendline (data feed by Kraken).
- If it breaks through the resistance of $110,000, then this pair may gain bullish momentum.
Bitcoin price to increase again
The Bitcoin exchange rate is based on the price of bitcoin. new all-time Recently, the price of BTC has started to fall. BTC recently began a new rise after it tested $106,700.
The price moved above $107,000 and $108,000. Bulls have pushed price over the Fib 23.6% retracement of recent drop from $111,983 swing low to $106,672 bottom. On the hourly BTC/USD chart, the price broke above the key trendline with resistance of $107,800.
Bitcoin has now reached a price of $109,000. 100 hourly Simple moving average. The immediate resistance on the upside is located near $110,000. This is very close to the 61.8% Fib level for the recent fall from the $111983 swing-high to the $106,672 bottom.
First key resistance near $110,750. Next, $111 800 could become a key resistance. The price could rise if it closes above $111,800. Price could test $113,000 in this case. If the price gains more, it could push the price towards the $115,000 resistance level.
BTC: Another drop in the BTC price?
Bitcoin could experience a new correction if it fails to break through the resistance level of $111,000 The immediate support for the downside is around the $108,000 mark. Near the $107,000 level, we find our first significant support.
Next support zone is near $106,500. In the short term, any further losses could send the price towards the $105,000 level. BTC could lose momentum if it falls below $103,200.
The following are 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 – $107,500, followed by $106,500.
Major Resistance Levels – $111,000 and $113,000.
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Source: www.newsbtc.com
