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Bitcoin price started a new increase above $ 107,500 zone. BTC is now struggling to erase $ 110,500 and can correct some profits.
- Bitcoin started a new upward movement above $ 108,000 zone.
- The price is traded above $ 107,800 and the 100 -hour simple advancing average.
- There was a break under a bullish trend line with support at $ 109,450 on the hour table of the BTC/USD pair (data feed from Kraken).
- The couple can start a fresh wave if it knew the $ 110,000 resistance zone.
Bitcoin -Price corrects profits
Bitcoin price started a new increase after it was located above the $ 105,500 support zone. BTC was able to surpass the resistance levels of $ 106,500 and $ 108,000.
The bulls even pumped the price above the $ 109,200 resistance. A high was formed near $ 110.375 and the price is now correcting the profits. There was a movement below the 23.6% FIB racement level of the upward movement of the $ 105,477 Swing low to $ 110,373 High.
By the way, there was a break under a bullish trend line with support for $ 109,450 on the hour table of the BTC/USD pair. Bitcoin is now traded above $ 107,500 and the 100 -hour simple advancing average.
At the top is immediate resistance near the level of $ 109,250. The first key resistance is near the $ 110,000 level. The next key resistance can be $ 110,500. A close -up resistance of $ 110,500 can further send the price. In the case mentioned, the price could rise and the resistance level of $ 112,000 tests. More profits can send the price to the $ 115,000 level.
More losses in BTC?
If Bitcoin does not rise above the $ 110,000 resistance zone, this can start a new decline. Immediate support is close to the level of $ 108,000 and the 50% FIB retraction level of the upward movement of the $ 105,477 Swing low to $ 110.373 High. The first major support is near the level of $ 107,350.
The next support is now near the $ 106,550 zone. More losses can send the price in the short term to the support of $ 105,500. The most important support is $ 105,000, including BTC may get bearish Momentum.
Technical indicators:
HORLY MACD – The MACD now loses pace in the bullish zone.
Picly RSI (relative strength -index) -The RSI for BTC/USD is now below the 50 -level level.
Important support levels – $ 108,000, followed by $ 107,350.
Important resistance levels – $ 110,000 and $ 110,500.