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Bitcoin’s price began a new rise from $105,200. BTC has now started to consolidate and may struggle to move higher than the resistance of $110,000.
- Bitcoin began a new increase over the $108,000 area.
- Above the 100-hour Simple Moving Average, and above the price of $107500.
- The hourly chart shows a break over a trend line that is bearish with a resistance level of $106,300. (Data feed from Kraken).
- It could be that the pair starts a brand new rise if they stay above $107,000.
Bitcoin Price Retains Traction
The Bitcoin price remains above support $105,000 A new level was reached and a significant increase started. BTC has cleared many obstacles near $106,200 in order to begin a nice increase.
On the hourly BTC/USD chart, there was a breakout above the bearish trendline with resistance of $106,300. The pair surged above the resistance level of $107,500. It broke the 76.4% Fib level of the decline from the $108,792 high swing to the $105,116 bottom.
The price surged towards the $110,000 mark. It reached the 1.236 extension Fib level for the downtrend from the $108,792 swing low to the $105,116 bottom.
Bitcoin has now reached a price of $108,000. 100 hourly Simple moving average. To the upside, the immediate resistance level is around $109,400. First key resistance near $110,000. If the price closes over the $110,000 level, it could send it higher. Price could test $112,000 in this case. Price could rise to $113,200 if there are any further gains.
Downside Correction In BTC?
Bitcoin could begin a new decline if it fails to break through the resistance zone of $110,000. The immediate support level is around $108,750. The level of immediate support for the first big project is around $108,000.
In the near term, any further losses could send the price towards support at $106,500. Price could drop to $106,500 in near-term if it continues to fall. BTC could continue its downward movement if it falls below $105,000.
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 – $108,000, followed by $107,200.
Major Resistance Levels – $110,000 and $112,000.
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Source: www.newsbtc.com
