Bitcoin price started a fresh increase above the $105,500 zone. BTC is now consolidating and might aim for a move above the $108,000 resistance.
Bitcoin started a fresh increase above the $105,500 zone.
The price is trading above $105,500 and the 100 hourly Simple moving average.
There is a bullish trend line forming with support at $107,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a fresh increase if it stays above the $106,000 zone.
Bitcoin price started a fresh increase above the $103,500 zone. BTC gained pace and was able to climb above the $104,200 and $105,500 levels to enter a positive zone.
The bulls pushed the price above the $106,500 resistance and the price tested the $108,200 zone. A high was formed at $108,165 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $98,272 swing low to the $108,165 high.
Bitcoin is now trading above $106,000 and the 100 hourly Simple moving average. There is also a bullish trend line forming with support at $107,400 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is near the $108,000 level. The first key resistance is near the $108,200 level or the 1.236 Fib extension level of the downward move from the $106,470 swing high to the $98,276 low. A close above the $108,200 resistance might send the price further higher. In the stated case, the price could rise and test the $110,000 resistance level. Any more gains might send the price toward the $112,000 level.
If Bitcoin fails to rise above the $108,500 resistance zone, it could start another decline. Immediate support is near the $107,400 level and the trend line. The first major support is near the $105,500 level.
The next support is now near the $104,000 zone. Any more losses might send the price toward the $103,500 support in the near term. The main support sits at $103,200, below which BTC might gain bearish momentum.
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 – $107,400, followed by $105,500.
Major Resistance Levels – $108,500 and $110,000.
[#item_full_content]NewsBTCRead MoreA new public company with a big Bitcoin stash is pitching a bold claim. Twenty…
Bitcoin hovered below $90,000 on Sunday as low liquidity, altcoin weakness and imminent U.S. and…
The price action of Bitcoin has been somewhat limited in the past few weeks, as…
The Bitcoin market has continued to consolidate within the $90,000 price zone over the last…
The crypto market has shown a modest price rebound in the last three weeks, returning…
Bitcoin is facing a critical juncture as its macro retracement converges with a tight mid-range…
