Bitcoin worth began a contemporary improve and traded to a brand new all-time excessive above the $111,600 zone. BTC is now consolidating and may begin one other improve above $111,000
- Bitcoin began a contemporary upward transfer from the $106,800 zone.
- The worth is buying and selling above $108,500 and the 100 hourly Simple shifting common.
- There was a break above a key bearish development line with resistance at $107,800 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair might acquire bullish momentum if it clears the $110,000 resistance.
Bitcoin Price Eyes Fresh Increase
Bitcoin worth traded to a new all-time above $110,000 and just lately began a draw back correction. BTC examined the $106,700 zone and just lately began a contemporary improve.
There was a transfer above the $107,000 and $108,000 resistance ranges. The bulls pushed the worth above the 23.6% Fib retracement stage of the current decline from the $111,983 swing excessive to the $106,672 low. Besides, there was a break above a key bearish development line with resistance at $107,800 on the hourly chart of the BTC/USD pair.
Bitcoin is now buying and selling above $109,000 and the 100 hourly Simple moving average. On the upside, instant resistance is close to the $110,000 stage. It is near the 61.8% Fib retracement stage of the current decline from the $111,983 swing excessive to the $106,672 low.
The first key resistance is close to the $110,750 stage. The subsequent key resistance may very well be $111,800. A detailed above the $111,800 resistance may ship the worth additional larger. In the acknowledged case, the worth might rise and check the $113,000 resistance stage. Any extra positive factors may ship the worth towards the $115,000 stage.
Another Decline In BTC?
If Bitcoin fails to rise above the $111,000 resistance zone, it might begin one other correction. Immediate assist on the draw back is close to the $108,000 stage. The first main assist is close to the $107,500 stage.
The subsequent assist is now close to the $106,500 zone. Any extra losses may ship the worth towards the $105,000 assist in the close to time period. The principal assist sits at $103,200, under which BTC may acquire 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 stage.
Major Support Levels – $107,500, adopted by $106,500.
Major Resistance Levels – $111,000 and $113,000.
