Bitcoin price has started to rise again above the $105,000 resistance area. BTC is gaining momentum and is trading to a new all-time high above $107,000.
- Bitcoin started a new rally above the $105,000 area.
- The price is trading above $104,000 and the 100 hourly simple moving average.
- There is a major uptrend line forming with support at $105,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a new increase if it remains above the $103,500 support area.
Bitcoin price continues to rise
Bitcoin price formed a base and started a new rise above the $102,000 area. There was a move above the $103,200 and $104,500 levels.
The price even crossed the $105,000 level. A new all-time high was formed at $107,777 and the price is now consolidating its gains. There was a slight dip below the 23.6% Fib retracement level of the recent rally from the low of $99,251 to the high of $107,777.
Bitcoin price is now trading above $104,000 and the 100 hourly simple moving average. There is also a major uptrend line forming with support at $105,000 on the hourly chart of the BTC/USD pair.
On the upside, the price may face resistance near the $107,200 level. The first major resistance is near the $107,750 level. A clear move above the $107,750 resistance level could send the price higher. The next major resistance could be $108,000. A close above the $108,000 resistance could push the price higher.
In the mentioned case, the price may rise and test the $112,000 resistance level. Any further gains may push the price towards the $115,000 level.
Downside correction in BTC?
If Bitcoin fails to rise above the $107,500 resistance area, it could start a downward correction. Immediate support on the downside is near the $105,000 level or trend line.
The first major support is near the $103,000 level or the 50% Fib retracement level of the recent rise from the $99,251 swing low to the $107,777 swing high. The next support is now near the $102,000 area. Any further losses could send the price towards the $100,000 support level in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key Support Levels – $105,000, followed by $103,000.
Key resistance levels – $107,500 and $112,000.