Bitcoin worth settled above the $100,500 resistance zone. BTC is consolidating positive aspects and may intention for a contemporary enhance above the $105,000 zone.
- Bitcoin began a draw back correction from the $106,800 zone.
- The worth is buying and selling beneath $104,000 and the 100 hourly Simple shifting common.
- There is a connecting bullish pattern line forming with help at $102,000 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may begin one other enhance if it stays above the $102,000 help zone.
Bitcoin Price Eyes Fresh Increase
Bitcoin worth began a decent upward move above the $104,500 zone. BTC was in a position to climb above the $105,500 and $106,000 ranges.
The bulls even pushed the worth above the $106,500 stage. However, the bears have been energetic close to the $106,800 zone. A excessive was shaped at $106,833 and the worth is now correcting positive aspects. There was a transfer beneath the $105,000 stage.
There was a transfer beneath the 50% Fib retracement stage of the upward transfer from the $101,281 swing low to the $106,833 excessive. Bitcoin worth is now buying and selling beneath $104,000 and the 100 hourly Simple moving average. There can be a connecting bullish pattern line forming with help at $102,000 on the hourly chart of the BTC/USD pair.
On the upside, rapid resistance is close to the $104,000 stage. The first key resistance is close to the $105,500 stage. A transparent transfer above the $105,500 resistance may ship the worth increased. The subsequent key resistance might be $106,800.
An in depth above the $106,800 resistance may ship the worth additional increased. In the acknowledged case, the worth may rise and take a look at the $108,200 resistance stage and a brand new all-time excessive. Any extra positive aspects may ship the worth towards the $110,000 stage.
More Losses In BTC?
If Bitcoin fails to rise above the $104,500 resistance zone, it may begin a draw back correction. Immediate help on the draw back is close to the $102,500 stage or the 76.4% Fib retracement stage of the upward transfer from the $101,281 swing low to the $106,833 excessive. The first main help is close to the $101,250 stage.
The subsequent help is now close to the $100,500 zone. Any extra losses may ship the worth towards the $88,500 help in the close to time period.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now beneath the 50 stage.
Major Support Levels – $102,500, adopted by $101,250.
Major Resistance Levels – $104,500 and $105,500.
