Bitcoin price started a new increase above the $104,000 area. BTC is consolidating above $105,000 and may be aiming for a new all-time high.
- Bitcoin has started to rise well above the $102,500 resistance area.
- The price is trading above $104,500 and the 100 hourly simple moving average.
- There was a break above the connecting downtrend line with resistance at $104,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it remains above the $103,500 support area.
Bitcoin price is regaining momentum
Bitcoin price started a good upward movement above the $102,500 area. BTC managed to rise above the $103,500 and $104,000 levels.
The bulls even pushed the price above the $105,000 level. Additionally, there was a break above the solid downtrend line with resistance at $104,000 on the hourly chart of the BTC/USD pair. The pair crossed the 50% Fibonacci retracement level of the downward move from the high of $109,112 to the low of $100,114.
Bitcoin price is now trading above $104,500 and the 100 hourly simple moving average. On the upside, immediate resistance is near the $107,000 level. It is close to the 76.4% Fib retracement level of the downward move from the high of $109,112 to the low of $100,114.
The first major resistance is located near the $107,500 level. A clear move above the $107,500 resistance level could send the price higher. The next major resistance could be $109,000.
A close above the $109,000 resistance could push the price higher. In the mentioned case, the price could rise and test the resistance level of $110,000 which is a new all-time high. Any further gains could send the price towards the $112,500 level.
Downside correction in BTC?
If Bitcoin fails to rise above the $107,000 resistance area, it could start a downward correction. Immediate support on the downside is near the $104,500 level. The first major support is near the $103,500 level.
The next support is now located near the $102,800 area. Any further losses could send the price towards the $100,500 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 – $104,500, followed by $103,500.
Major resistance levels – $107,000 and $108,500.
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