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Bitcoin price started to rise again above the USD 106,000 resistance zone. BTC traded to a new all-time high above $108,000 and is currently correcting gains.
- Bitcoin started a new rise above the $106,000 zone.
- The price is trading above $105,000 and the 100 hourly Simple Moving Average.
- There was a break below a key bullish trendline with support at $106,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a new rise if it remains above the $103,750 support zone.
Bitcoin price remains in rising trend
Bitcoin price formed a base and started a new increase above the $103,500 zone. There was a move above the USD 104,000 and USD 105,000 levels.
The price even reached the $106,000 level. A new all-time high was reached at $108,297 and the price is now correcting gains. There was a small decline below the 23.6% Fib retracement level of the recent wave, from the $99,250 swing low to the $108,297 high.
There was a break below a key bullish trendline with support at $106,000 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $105,000 and the 100 hourly Simple Moving Average.
On the upside, the price could encounter resistance near the USD 106,200 level. The first major resistance is around the $107,750 level. A clear move above the USD 107,750 resistance could push the price higher. The next major resistance could be $108,250. A close above the resistance at $108,250 could send the price rising further.
In the said case, the price could rise and test the USD 112,000 resistance level. Any further gains could send the price towards the $115,000 level.
More disadvantages of BTC?
If Bitcoin fails to rise above the $106,200 resistance zone, it could continue to decline. The immediate downside support is near the $105,000 level.
The first major support is near the $103,750 level or the 50% Fib retracement level of the recent wave from the $99,250 swing low to the $108,297 high. The next support is now near the $102,200 zone. Any further losses could send the price towards the USD 100,500 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 105,000, followed by USD 103,750.
Major resistance levels – $106,200 and $108,250.
