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Bitcoin’s price began a new rise and cleared the $103,500 area. BTC is now being merged, possibly aiming to clear the $105,000 area.
- Bitcoin started a new upward movement from the $101,500 area.
- Prices trade over $103,000 and 100-hour simple moving averages.
- On the hourly chart of the BTC/USD pair (Kraken’s data feed), the resistance is $103,950 compared to the breakout on the connection trend line of the resistor.
- If the couple clears the $105,000 resistance, they can get bullish momentum.
Bitcoin price target is higher
Bitcoin price started a new rise from the $101,500 support zone. BTC forms a base and is able to clear the $102,500 resistance zone. The Bulls even raised the price to over $103,200.
From the swing high of $104,980 to the low of $101,441, the downward 50% FIB retracement level rises a move. Additionally, on the hourly chart of the BTC/USD pair, the resistivity is $103,950 on the connected bearish trend line.
Bitcoin is now trading above the $103,200 and the 100-hour simple moving average. On the plus side, the immediate resistance is close to the $104,150 level, or a 76.4% FIB retracement level moving downward from the $104,980 swing speed to the low price of $101,441.
The first key resistance is close to the $105,000 level. The next key resistance could be $105,500. Turning off resistors above $105,500 may make the price even higher. In the case of statements, the price may rise and test the resistance level of $106,500. More gains may shift the price to the $108,000 level.
Another decline in BTC?
If Bitcoin fails to exceed the $104,200 resistance zone, it can be corrected again in the short term. The disadvantages are immediately supported near the $103,200 level and the 100-hour simple moving average. The first major support is close to $102,500.
Now, the next support is near the $101,500 area. In the short term, more losses may send the price to $100,000 in support. The main support is $98,800, below which BTC may gain bearish momentum.
Technical indicators:
Hourly MACD – MACD is now accelerating its pace in the bullish area.
Hour RSI (Relative Strength Index) – The RSI of BTC/USD is now above level 50.
Main support level – $102,500, followed by $101,500.
Major resistance levels – $104,200 and $105,000.
