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Bitcoin price begins a new rise and sells for $109,000 above the new all-time high of $109,000. BTC is now merging, with a possible increase of $112,000
- Bitcoin started a new upward shift from the $106,000 area.
- Prices trade for more than $107,000, while the simple moving average of 100 hours.
- On the hourly chart of the BTC/USD pair, there is a key bullish trend line supporting $107,800 (a feed from Kraken).
- If the couple clears the $110,850 resistance, they can get bullish momentum.
Bitcoin price sets new ATH
Bitcoin price started a new rise from the $104,200 support zone. BTC forms a base and is able to clear the $106,000 resistance zone. The Bulls pushed the price up by $107,500.
The Bull even priced above the $109,000 resistance zone. Price deals reach a new all-time high of $110,698 and are now consolidating a growth rate above the Fib payback period of 23.6%, from a swing speed of $104,270 to $110,698 high.
Bitcoin is now trading above $108,000 and 100-hour simple moving averages. On the hourly chart of the BTC/USD pair, there is also a key bullish trend line supporting $107,800.
On the plus side, immediate resistance is close to the $110,850 level. The first key resistance is close to the $112,000 level. The next key resistance could be $112,500. Turning off resistors above $112,500 may make the price even higher. In the case of statements, the price may rise and test the resistance level of $113,800. More gains may shift the price to the $115,000 level.
Is the inclination angle limited in BTC?
If Bitcoin fails to exceed the $112,000 resistance zone, another correction can be started. Immediately support near the $109,000 level on the negative side. The first major support is the close to the $107,500 level, the trendline and a 50% FIB retracement level from the $104,270 swing to $110,698 high.
Now, the next support is near the $106,500 area. In the short term, more losses may send the price to $105,000 in support. With a major approval rating of $104,200, 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 – $109,000, followed by $107,500.
Major resistance levels – $110,850 and $112,000.
