Bitcoin has begun a new rise above $108,500. BTC may be consolidating now and aiming for further gains over the $110,000 resistance.
- Bitcoin has started to increase again above the zone of $108,500.
- Above the 100-hour Simple Moving Average, and above the price of $108,500.
- The hourly chart shows a breaking above a bearish trendline that has resistance at $109350 (data feed by Kraken).
- If the pair stays over $108,350, it could begin a new increase.
Bitcoin Price Sees Further Gains
Bitcoin Price started at a fresh increase After it settled over the resistance of $107,500. BTC has overcome many hurdles around $108,000 and started a nice increase.
Bulls have pushed price above $108,500. A move up above the Fib 50% retracement of the down move from $110 515 swing high level to $107 299 low was a significant move. On the hourly BTC/USD chart, a breakout above the key trendline with resistance of $109,350 was also seen.
Bitcoin has now reached a price of $108,500. 100 hourly Simple moving average. To the upside, the immediate resistance level is around $109,750. This is near the Fib retracement of 76.4% for the decline from the swing high at $110,515 to the low at $107,299
Near the $110,000 mark, we have the first major resistance. The price could rise if it closes above $110,000. Price could test $112,000 in this case. Price could reach $113,200 if it gains more. It is possible that the main goal could be $115,000.
Downside Correction In BTC?
Bitcoin could begin a new decline if it fails to break through the resistance zone of $110,000. Near the $108,800 mark, there is immediate support. First major support nears $108,350.
Next support zone is near $107,250. Price could drop to $106,400 in near-term if it continues to fall. BTC could continue to fall if it falls below $105,000.
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 – $108,800, followed by $108,350.
Major Resistance Levels – $110,000 and $110,500.
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Source: www.newsbtc.com
