Bitcoin price started to rise again above the USD 105,000 resistance zone. BTC is gaining speed and trading to a new all-time high above $107,000.
- Bitcoin started a new rise above the $105,000 zone.
- The price is trading above $104,000 and the 100 hourly Simple Moving Average.
- A major bullish trendline is forming with support at $105,000 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 $103,500 support zone.
Bitcoin Price Extends Rally
Bitcoin price formed a base and started a new increase above the $102,000 zone. There was a move above the USD 103,200 and USD 104,500 levels.
The price even reached the $105,000 level. A new all-time high was reached at $107,777 and the price is now consolidating gains. There was a small decline below the 23.6% Fib retracement level from the recent rally from the $99,251 swing low to the $107,777 high.
Bitcoin price is now trading above $104,000 and the 100 hourly Simple Moving Average. A major bullish trendline is also forming with support at $105,000 on the hourly chart of the BTC/USD pair.
On the upside, the price could encounter resistance near the USD 107,200 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 at $108,000. A close above the $108,000 resistance could send the price rising further.
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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.
Downward correction in BTC?
If Bitcoin fails to rise above the $107,500 resistance zone, a downward correction could occur. The immediate downside support is near the $105,000 level or the trendline.
The first major support is near the $103,000 level or the 50% Fib retracement level from the recent rally from the $99,251 swing low to the $107,777 high. The next support is now near the $102,000 zone. Any further losses could send the price towards the $100,000 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – $105,000, followed by $103,000.
Major resistance levels – $107,500 and $112,000.