Bitcoin worth began a recent surge above the $102,000 zone. BTC is rising and would possibly intention for a transfer towards the $107,500 resistance.
- Bitcoin began a robust enhance above the $100,500 resistance zone.
- The worth is buying and selling above $102,500 and the 100 hourly Simple shifting common.
- There is a new connecting bullish development line forming with assist at $103,500 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may begin one other enhance if it clears the $105,000 zone.
Bitcoin Price Aims More Gains
Bitcoin worth began a fresh increase from the $96,500 assist zone. BTC shaped a base and was capable of clear the $98,800 resistance zone. The bulls even pushed the worth above $102,000.
The pair spiked above $104,500 and examined $105,000. A excessive is shaped at $104,943 and the worth is now consolidating positive aspects above the 23.6% Fib retracement degree of the upward transfer from the $95,825 swing low to the $104,943 excessive.
Bitcoin is now buying and selling above $103,500 and the 100 hourly Simple moving average. There can also be a new connecting bullish development line forming with assist at $103,500 on the hourly chart of the BTC/USD pair.
On the upside, speedy resistance is close to the $104,500 degree. The first key resistance is close to the $105,000 degree. The subsequent key resistance may very well be $105,500. An in depth above the $105,500 resistance would possibly ship the worth additional larger. In the acknowledged case, the worth may rise and check the $106,200 resistance degree. Any extra positive aspects would possibly ship the worth towards the $108,000 degree.
Are Dips Supported In BTC?
If Bitcoin fails to rise above the $104,500 resistance zone, it may begin one other draw back correction. Immediate assist on the draw back is close to the $103,500 degree and the development line. The first main assist is close to the $102,800 degree.
The subsequent assist is now close to the $100,500 zone and the 50% Fib retracement degree of the upward transfer from the $95,825 swing low to the $104,943 excessive. Any extra losses would possibly ship the worth towards the $98,800 assist within the close to time period. The primary assist sits at $97,500.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 degree.
Major Support Levels – $103,500, adopted by $102,800.
Major Resistance Levels – $104,500 and $105,000.
