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Bitcoin has begun a new increase, and the price cleared $103,500. BTC has now started to consolidate and may aim for the $105,000 area.
- Bitcoin has started to move up again from the $101,500 area.
- Price is above the Simple Moving Average of 100 hours and $103,000.
- On the hourly BTC/USD chart, there was a breakout above the connecting trendline with resistance of $103,950 (data from Kraken).
- It is possible that the pair will gain bullish momentum after clearing $105,000.
Bitcoin Price Aims Higher
From the Bitcoin price began a new increase. $101,500 support zone. BTC has formed a solid base. It was also able to break through the $102,500 barrier. Bulls even drove the price to $103,200.
A move was made above the 50 percent Fib level for the move downward from the swing-high of $104,980 down to the lower low of $101,441. On the hourly BTC/USD chart, there has also been a breakout above the bearish trendline with resistance of $103,950.
Bitcoin has now reached a price of $103,200. 100 hourly Simple moving average. To the upside, the immediate resistance level is around $104,150. This level represents the 76.4% Fib Retracement of the move downward from the $104,980 swing low to the $101.441 bottom.
First key resistance near $105,000. The next important resistance might be $105,500. If the price closes over the $105,500 level, it could send it higher. The price may rise in the case stated and try to test the $106,500 level of resistance. Any further gains could send the price towards the $108,000 level.
BTC to decline again?
Bitcoin could experience a short-term correction if it fails to break through the resistance zone of $104,200. The immediate support for the downside lies near the level of $103,200 and the Simple Moving Average 100 hours. The $102,500 support level is the first significant support.
Next support now lies near $101,500. If the market continues to fall, it could push the price back towards $100,000 in the near future. BTC could lose momentum if it falls below $98,800.
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 – $102,500, followed by $101,500.
Major Resistance Levels – $104,200 and $105,000.
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Source: www.newsbtc.com
