Bitcoin price has started to rise again above the $100,000 resistance area. Bitcoin rose nearly 5% and traded to a new all-time high above $106,400.
- Bitcoin started a new rally above the $100,000 area.
- The price is trading above $102,000 and the 100 hourly simple moving average.
- There is a solid uptrend line forming with support at $103,400 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 $102,500 support area.
Bitcoin prices rise again
Bitcoin price formed a base and started a new rise above the $100,000 area. There was a move above the $102,200 and $103,500 levels.
The price even crossed the $104,000 level. A new all-time high was formed at $106,487 and the price is now consolidating its gains. It is slowly moving down below the 23.6% Fib retracement level of the last wave from the swing low of $99,250 to the swing high of $106,487.
Bitcoin price is now trading above $102,000 and the 100 hourly simple moving average. There is also a solid uptrend line forming with support at $103,400 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the last wave from the swing low of $99,250 to the swing high of $106,487.
On the upside, the price may face resistance near the $105,500 level. The first major resistance is near the $106,500 level. A clear move above the $106,500 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 $110,000 resistance level. Any further gains could send the price towards the $112,000 level.
Another drop in BTC?
If Bitcoin fails to rise above the $105,500 resistance area, it may continue to move lower. Immediate support on the downside is near the $103,500 level or trend line.
The first major support is near the $102,000 level. The next support is now located near the $100,250 area. Any further losses could send the price towards the $98,000 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 – $103,500, followed by $102,000.
Major resistance levels – $105,500 and $106,500.
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