Bitcoin price started a fresh increase and cleared the $106,500 zone. BTC is now consolidating and might aim for another increase toward $110,000
Bitcoin price started a fresh increase from the $103,200 support zone. BTC formed a base and was able to clear the $105,000 resistance zone. The bulls pushed the price above $105,500.
There was a break above a connecting bearish trend line with resistance at $106,400 on the hourly chart of the BTC/USD pair. The bulls even pumped the price above the $107,000 resistance zone. However, the price failed to extend gains.
A high was formed at $107,262 and the price is now consolidating gains near the same trend line. There was a minor decline below the 23.6% Fib retracement level of the upward move from the $104,269 swing low to the $107,262 high.
Bitcoin is now trading above $106,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $107,000 level. The first key resistance is near the $107,200 level. The next key resistance could be $107,500. A close above the $107,500 resistance might send the price further higher. In the stated case, the price could rise and test the $108,800 resistance level. Any more gains might send the price toward the $110,000 level and a new all-time high.
If Bitcoin fails to rise above the $107,000 resistance zone, it could start another correction. Immediate support on the downside is near the $106,250 level. The first major support is near the $105,400 level and the 61.8% Fib retracement level of the upward move from the $104,269 swing low to the $107,262 high.
The next support is now near the $104,250 zone. Any more losses might send the price toward the $103,500 support in the near term. The main support sits at $102,500, below which BTC might gain bearish momentum.
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 – $105,400, followed by $104,250.
Major Resistance Levels – $107,200 and $107,500.
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