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Bitcoin’s price has started to surge again above $102,500. BTC has corrected gains, and is trading under the $103,500 zone of resistance.
- Bitcoin began a rapid increase over the $102,500 zone of resistance.
- The 100-hour Simple Moving Average and price are below 104,000 dollars.
- The hourly chart for the BTC/USD pairs showed a breakout below a connecting bullish line that had support at $103,900. (Data feed by Kraken).
- If the pair clears $103,500, they could begin another growth.
Bitcoin Price Recovers Some Gains
Bitcoin Price started at a fresh increase From the $98,500 Support Zone. BTC was able form a base, and clear the resistance zone of $100,000. The bulls pushed it even above $103,000.
This pair has risen above $105,500, and even tested $105,800. Price is correcting after the high at $105,728. gains. The upward movement from the swing low of $95,825 to the high of $105,728 was below the Fib retracement at 23.6%.
On the hourly BTC/USD chart, there was a break under a connecting bullish line that had support at $103,900. Bitcoin now trades below $104,500, and the hourly 100 Simple Moving Average.
The bulls, however, are active now near the support level of $100,800 and protecting the Fib 50% retracement levels for the upward movement from the swing low $95,825 to the high $105,728. Upside, the immediate resistance level is around the $103,500 mark. The $104,000 resistance level is the first major obstacle.
Next, the price could face a resistance of $105,000. The price could rise if it closes above $105,000. The price may rise in the case stated and try to test the $106,000 level of resistance. If the price gains more, it could push the price towards the $108,000 resistance level.
BTC: More losses in the BTC market?
Bitcoin’s price could fall if it does not rise above $103,500. The immediate support to the downside lies near the level of $101,500. First major support near $100,800.
Now, the next support area is close to $100,000. If the market continues to fall, it could push the price down towards the $98,800 level in the near future. The support level is currently $97.500.
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 below the 50 level.
Major Support Levels – $101,500, followed by $100,800.
Major Resistance Levels – $103,500 and $105,000.
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Source: www.newsbtc.com
