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Bitcoin’s price began a new rise and cleared the $105,500 area. BTC is now merged and may aim to add another $108,000
- Bitcoin started a new upward movement from the $102,500 area.
- Prices trade above $103,500, while the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair, there is a key bullish trend line forming with support of $104,200 (a feed from Kraken).
- If the couple clears the $106,000 resistance, they can get bullish momentum.
Bitcoin price extends earnings
Bitcoin price started a new rise from the $102,500 support zone. BTC forms a foundation and is able to clear the $103,500 resistance zone. The Bulls even raised the price to over $104,200.
The Bulls even priced above $105,000. The high price was established at $107,042 and the price is correcting the rise. Below the $105,500 level. From the $103,346 swing to a height of $107,042, the price fell below the 50% FIB retracement level.
However, it is stable at over $104,000. On the hourly chart of the BTC/USD pair, there is also a key bullish trend line supporting $104,200. Bitcoin is now trading above the $104,500 and the 100-hour simple moving average.
On the plus side, immediate resistance is close to the $105,500 level. The first key resistance is close to the $106,000 level. The next key resistance could be $107,500. Turning off resistors above $107,500 may make the price even higher. In the case of statements, the price may rise and test the resistance level of $108,800. More gains may shift prices to the $110,000 level and new all-time highs.
Another decline in BTC?
Another correction may begin if Bitcoin fails to exceed the $105,500 resistance zone. Immediate support is close to the $104,500 level. The first major support is the level close to the $104,200 level and trend line.
Now, the next support is near the $103,500 area. In the short term, more losses may send the price to $102,200 in support. The main support is $100,500, and below BTC may gain bearish momentum.
Technical indicators:
Hourly MACD – MACD is now losing pace in bullish areas.
Hour RSI (Relative Strength Index) – The RSI of BTC/USD is now above level 50.
Main support level – $104,200, followed by $103,500.
Major resistance levels – $105,500 and $106,000.
