Bitcoin price started a fresh increase and tested the $105,000 zone. BTC is now consolidating gains while Ethereum rallied toward the $2,750 resistance.
Bitcoin started a strong increase and settled above the $102,500 resistance zone.
The price is trading above $103,000 and the 100 hourly Simple moving average.
There is a new connecting bullish trend line with support at $103,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it clears the $105,000 zone.
Bitcoin price started a fresh increase from the $100,500 support zone. BTC formed a base and was able to clear the $102,000 resistance zone. The bulls even pushed the price above $103,200.
The pair spiked toward $105,000. A high was formed at $104,980 and the price is now correcting gains. There was a move below the 23.6% Fib retracement level of the upward move from the $100,772 swing low to the $104,980 high.
Bitcoin is now trading above $103,500 and the 100 hourly Simple moving average. There is also a new connecting bullish trend line with support at $103,650 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is near the $104,500 level. The first key resistance is near the $105,000 level. The next key resistance could be $105,500. A close above the $105,500 resistance might send the price further higher. In the stated case, the price could rise and test the $106,800 resistance level. Any more gains might send the price toward the $108,000 level.
If Bitcoin fails to rise above the $105,000 resistance zone, it could start another downside correction. Immediate support on the downside is near the $103,500 level. The first major support is near the $102,850 level and the 50% Fib retracement level of the upward move from the $100,772 swing low to the $104,980 high.
The next support is now near the $101,750 zone. Any more losses might send the price toward the $100,200 support in the near term. The main support sits at $98,800.
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 – $103,500, followed by $102,850.
Major Resistance Levels – $105,000 and $105,500.
[#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…
