Bitcoin price started another increase above the $105,000 resistance zone. BTC is gaining pace and it traded to a new all-time high above $107,000.
Bitcoin started a fresh surge above the $105,000 zone.
The price is trading above $104,000 and the 100 hourly Simple moving average.
There is a key bullish trend 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 fresh increase if it stays above the $103,500 support zone.
Bitcoin price formed a base and started a fresh increase above the $102,000 zone. There was a move above the $103,200 and $104,500 levels.
The price even cleared the $105,000 level. A new all-time high was formed at $107,777 and the price is now consolidating gains. There was a minor decline below the 23.6% Fib retracement level of the recent rally from the $99,251 swing low to the $107,777 high.
Bitcoin price is now trading above $104,000 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support at $105,000 on the hourly chart of the BTC/USD pair.
On the upside, the price could face resistance near the $107,200 level. The first key resistance is near the $107,750 level. A clear move above the $107,750 resistance might send the price higher. The next key resistance could be $108,000. A close above the $108,000 resistance might send the price further higher.
In the stated case, the price could rise and test the $112,000 resistance level. Any more gains might send the price toward the $115,000 level.
If Bitcoin fails to rise above the $107,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $105,000 level or the trend line.
The first major support is near the $103,000 level or the 50% Fib retracement level of the recent rally from the $99,251 swing low to the $107,777 high. The next support is now near the $102,000 zone. Any more losses might send the price toward the $100,000 support in the near term.
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 – $105,000, followed by $103,000.
Major Resistance Levels – $107,500, and $112,000.
—
Blog powered by G6
Disclaimer! A guest author has made this post. G6 has not checked the post. its content and attachments and under no circumstances will G6 be held responsible or liable in any way for any claims, damages, losses, expenses, costs or liabilities whatsoever (including, without limitation, any direct or indirect damages for loss of profits, business interruption or loss of information) resulting or arising directly or indirectly from your use of or inability to use this website or any websites linked to it, or from your reliance on the information and material on this website, even if the G6 has been advised of the possibility of such damages in advance.
For any inquiries, please contact [email protected]
