Bitcoin price started another increase above the $100,000 resistance zone. BTC is up nearly 5% and it traded to a new all-time high above $106,400.
- Bitcoin started a fresh surge above the $100,000 zone.
- The price is trading above $102,000 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support at $103,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase if it stays above the $102,500 support zone.
Bitcoin Price Rallies Again
Bitcoin price formed a base and started a fresh increase above the $100,000 zone. There was a move above the $102,200 and $103,500 levels.
The price even cleared the $104,000 level. A new all-time high was formed at $106,487 and the price is now consolidating gains. It is slowly moving lower below the 23.6% Fib retracement level of the recent wave from the $99,250 swing low to the $106,487 high.
Bitcoin price is now trading above $102,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $103,400 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the recent wave from the $99,250 swing low to the $106,487 high.
On the upside, the price could face resistance near the $105,500 level. The first key resistance is near the $106,500 level. A clear move above the $106,500 resistance might send the price higher. The next key resistance could be $108,000. A close above the $108,000 resistance might send the price further higher.
Source: BTCUSD on TradingView.com
In the stated case, the price could rise and test the $110,000 resistance level. Any more gains might send the price toward the $112,000 level.
Another Decline In BTC?
If Bitcoin fails to rise above the $105,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $103,500 level or the trend line.
The first major support is near the $102,000 level. The next support is now near the $100,250 zone. Any more losses might send the price toward the $98,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $103,500, followed by $102,000.
Major Resistance Levels – $105,500, and $106,500.
Aayush Jindal
Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.
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