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Bitcoin’s price has started to increase again and reached the $105,000 mark. BTC consolidates gains now. Ethereum The rally was aimed at the $2.750 resistance.
- Bitcoin started to rise strongly and consolidated above the $102,500 support zone.
- Price is above the Simple Moving Average of 100 hours and $103,000.
- The hourly BTC/USD chart shows a bullish connecting trendline with support of $103,650. (Data feed by Kraken).
- Once the couple has cleared $105,000 they can start another growth.
Bitcoin Price consolidates gains
From the $102,500 zone of support, Bitcoin’s price began to rise again. BTC was able form a base, and clear the $102,000 zone of resistance. The bulls had even taken the price to $103,200.
They sped toward each other. $105,000. The price has corrected gains after forming a high at $104,980. The price moved below the level of 23.6% Fib Retracement for the uptrend from the $100.772 swing-low to the $104,980 peak.
Bitcoin now trades above $103,500, and 100-hour Simple moving average. On the hourly BTC/USD chart, there is also a connecting bullish line that has support at $103,650.
The immediate resistance on the upside is around the level of $104,500. Near the $105,000 mark, we find our first major resistance. Next, $105,500 could be the next major resistance. If the price closes over the $105,500 level, it could send the market higher. Price could test $106,800 as resistance in this case. If the price gains more, it could push the price towards the $108,000 resistance level.
BTC Losses Increased?
Bitcoin could begin a new downward correction if it fails to break through the resistance zone of $105,000. The immediate support for the downside lies near $103,500. First major support near $102,850 and 50% Fib level. The upward movement from the swing low of $100,772 to the high of $104,980 is retraced.
Near the next support, we are now at $101,750. In the short term, any further losses could send the price towards the support of $100,200. Main support is $98,800.
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 – $103,500, followed by $102,850.
Major Resistance Levels – $105,000 and $105,500.
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Source: www.newsbtc.com
