Bitcoin worth began a contemporary enhance above the $104,000 zone. BTC is consolidating above $105,000 and may goal for a brand new all-time excessive.
- Bitcoin began an honest enhance above the $102,500 resistance zone.
- The worth is buying and selling above $104,500 and the 100 hourly Simple shifting common.
- There was a break above a connecting bearish development line with resistance at $104,000 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might begin one other enhance if it stays above the $103,500 help zone.
Bitcoin Price Regains Traction
Bitcoin worth began an honest upward move above the $102,500 zone. BTC was in a position to climb above the $103,500 and $104,000 ranges.
The bulls even pushed the worth above the $105,000 stage. Besides, there was a break above a connecting bearish development line with resistance at $104,000 on the hourly chart of the BTC/USD pair. The pair surpassed the 50% Fib retracement stage of the downward transfer from the $109,112 swing excessive to the $100,114 low.
Bitcoin worth is now buying and selling above $104,500 and the 100 hourly Simple moving average. On the upside, speedy resistance is close to the $107,000 stage. It is near the 76.4% Fib retracement stage of the downward transfer from the $109,112 swing excessive to the $100,114 low.
The first key resistance is close to the $107,500 stage. A transparent transfer above the $107,500 resistance may ship the worth increased. The subsequent key resistance could possibly be $109,000.
An in depth above the $109,000 resistance may ship the worth additional increased. In the said case, the worth might rise and take a look at the $110,000 resistance stage and a brand new all-time excessive. Any extra good points may ship the worth towards the $112,500 stage.
Downside Correction In BTC?
If Bitcoin fails to rise above the $107,000 resistance zone, it might begin a draw back correction. Immediate help on the draw back is close to the $104,500 stage. The first main help is close to the $103,500 stage.
The subsequent help is now close to the $102,800 zone. Any extra losses may ship the worth towards the $100,500 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 – $104,500, adopted by $103,500.
Major Resistance Levels – $107,000 and $108,500.
