Bitcoin worth began one other enhance above the $105,000 resistance zone. BTC is gaining tempo and it traded to a brand new all-time excessive above $107,000.
- Bitcoin began a recent surge above the $105,000 zone.
- The worth is buying and selling above $104,000 and the 100 hourly Simple transferring common.
- There is a key bullish development line forming with help at $105,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may begin a recent enhance if it stays above the $103,500 help zone.
Bitcoin Price Extends Rally
Bitcoin worth fashioned a base and began a fresh increase above the $102,000 zone. There was a transfer above the $103,200 and $104,500 ranges.
The worth even cleared the $105,000 stage. A brand new all-time excessive was fashioned at $107,777 and the worth is now consolidating positive factors. There was a minor decline under the 23.6% Fib retracement stage of the current rally from the $99,251 swing low to the $107,777 excessive.
Bitcoin worth is now buying and selling above $104,000 and the 100 hourly Simple moving average. There can be a key bullish development line forming with help at $105,000 on the hourly chart of the BTC/USD pair.
On the upside, the worth may face resistance close to the $107,200 stage. The first key resistance is close to the $107,750 stage. A transparent transfer above the $107,750 resistance may ship the worth larger. The subsequent key resistance might be $108,000. An in depth above the $108,000 resistance may ship the worth additional larger.
In the acknowledged case, the worth may rise and take a look at the $112,000 resistance stage. Any extra positive factors may ship the worth towards the $115,000 stage.
Downside Correction In BTC?
If Bitcoin fails to rise above the $107,500 resistance zone, it may begin a draw back correction. Immediate help on the draw back is close to the $105,000 stage or the development line.
The first main help is close to the $103,000 stage or the 50% Fib retracement stage of the current rally from the $99,251 swing low to the $107,777 excessive. The subsequent help is now close to the $102,000 zone. Any extra losses may ship the worth towards the $100,000 help within the close to time period.
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 stage.
Major Support Levels – $105,000, adopted by $103,000.
Major Resistance Levels – $107,500, and $112,000.
