The Bitcoin price began a new increase over the resistance level of $106,000. BTC has reached an all-time record high over $108,000. It is now correcting the gains.
- Bitcoin has started to surge again above $106,000.
- Above the 100-hour Simple Moving Average, and above $105,000 is the price.
- On the hourly chart for the BTC/USD, there was a breakdown below the key bullish line. Support is at $106,000 (data from Kraken).
- It is possible that the pair will start to increase again if they stay above the support level of $103,750.
Bitcoin price remains in an upward trend
Bitcoin’s price has formed a baseline and is now rising. fresh increase Above the $103,500 level. Above the $104,000 level and $105,000, there was an increase.
Even the price cleared $106,000. At $108,297, a new record high has been reached and now the price is correcting its gains. A minor drop was seen below the Fib level 23.6% retracement of the wave that went from the swing low at $99250 to the high at $108,297.
The key had a crack below it bullish trend line The hourly chart for the BTC/USD pairs shows support at $106,000. The Bitcoin price has now traded above the $100 hourly simple moving average and is trading over $105,000.
The price may face resistance on the upside near $106,200. First, the price will face resistance near $107750. If the price moves above $107750, it could send prices higher. Next key resistance might be $108,250. The price could rise further if the resistance level of $108,250 is breached.
The price may rise in this case and try to test the resistance level of $112,000 If the price gains more, it could push the price towards the $115,000 resistance level.
BTC: More downsides?
Bitcoin could fall further if it fails to break through the resistance zone of $106,200. Near $105,000 is where immediate support for the downside can be found.
First major support near $103,750 or 50% Fib level of recent wave between the $99250 swing low and the $108,297 top. Next support now lies near $102,200. In the short term, any further losses could send the price towards the support of $100,500.
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 above the 50 level.
Major Support Levels – $105,000, followed by $103,750.
Major Resistance Levels – $106,200, and $108,250.
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Source: www.newsbtc.com
