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Bitcoin worth began a recent enhance and traded to a brand new all-time excessive above the $109,000 zone. BTC is now consolidating and would possibly purpose for a rise towards $112,000
- Bitcoin began a recent upward transfer from the $106,000 zone.
- The worth is buying and selling above $107,000 and the 100 hourly Simple shifting common.
- There is a key bullish pattern line forming with help at $107,800 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might achieve bullish momentum if it clears the $110,850 resistance.
Bitcoin Price Sets New ATH
Bitcoin worth began a recent enhance from the $104,200 support zone. BTC fashioned a base and was in a position to clear the $106,000 resistance zone. The bulls pushed the worth above $107,500.
The bulls even pumped the worth above the $109,000 resistance zone. The worth traded to a brand new all-time excessive close to $110,698 and is at present consolidating positive factors above the 23.6% Fib retracement degree of the upward transfer from the $104,270 swing low to the $110,698 excessive.
Bitcoin is now buying and selling above $108,000 and the 100 hourly Simple moving average. There can be a key bullish pattern line forming with help at $107,800 on the hourly chart of the BTC/USD pair.
On the upside, instant resistance is close to the $110,850 degree. The first key resistance is close to the $112,000 degree. The subsequent key resistance may very well be $112,500. A detailed above the $112,500 resistance would possibly ship the worth additional greater. In the acknowledged case, the worth might rise and check the $113,800 resistance degree. Any extra positive factors would possibly ship the worth towards the $115,000 degree.
Are Dips Limited In BTC?
If Bitcoin fails to rise above the $112,000 resistance zone, it might begin one other correction. Immediate help on the draw back is close to the $109,000 degree. The first main help is close to the $107,500 degree, the pattern line, and the 50% Fib retracement degree of the upward transfer from the $104,270 swing low to the $110,698 excessive.
The subsequent help is now close to the $106,500 zone. Any extra losses would possibly ship the worth towards the $105,000 help in the close to time period. The major help sits at $104,200, under which BTC would possibly achieve bearish momentum.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 degree.
Major Support Levels – $109,000, adopted by $107,500.
Major Resistance Levels – $110,850 and $112,000.
