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Bitcoin has begun a new increase over the $108,000 area. BTC has now consolidated gains, and could aim to move above $108,750
- Bitcoin began a new upward movement above the $108,000 area.
- Price is above the Simple Moving Average of 100 hours and $108,000.
- On the hourly BTC/USD chart, there is a bullish line connecting the support level of $108,800 (data from Kraken).
- If it breaks through the resistance of $110,750 then this pair may gain bullish momentum.
Bitcoin Price Gains Consolidated
The Bitcoin price has recently found a support zone near $107,400 and started to rise. upside correction. BTC was trading above resistance levels of $108,500 and $108,000.
Price even surged over the resistance zone of $110,000. Bears however were more active at the $110750 level. The price corrected downwards and traded under the $110,000 mark. The price dropped below the Fib 50% retracement of the recent rise from the swing low at $107 600 to the high at $110 742.
Bitcoin now trades above $108,000. 100 hourly Simple moving average. The hourly chart for the BTC/USD pairs also shows a connective bullish trendline with support located at $108,800.
Above $110,000, the immediate resistance level is close to the top. Near the level of $110750, we find our first major resistance. Next, $111 800 could be the next major resistance. If the price closes over the $111800 resistance, it could send it higher. Price could test $113,000 in this case. Adding to the gains could send the price up towards $115,000.
A Drop in BTC Prices?
Bitcoin may start a correction if the price fails to move above $110,750. Near the $108,500 mark, there is immediate support. The $108,350 support level is the first significant level. It also represents the level where 76.4% FIB of the recent rise from the swing low at $107 600 to the high at $110 742 was reached.
Next support zone is near $107,850. Price could drop to $106,500 in near-term if it continues down. BTC could lose momentum if it falls below $105,000.
Indicators of technical indicators
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $108,500, followed by $107,500.
Major Resistance Levels – $110,000 and $110,750.
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Source: www.newsbtc.com
