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Bitcoin price started a new upward movement above $ 103,200. BTC now corrects profits and can review the $ 102,000 support zone.
- Bitcoin started a considerable upward movement above $ 103,200 zone.
- The price is traded above $ 103,000 and the simple simple advancing average of 100 hours.
- There is an important bullish trend line that forms with support for $ 103,500 on the hourly table of the BTC/USD pair (data specialty).
- The couple can start a new increase if it remains above $ 102,000 zone.
Bitcoin -price recovers more than $ 102,000
Bitcoin price started a considerable increase above the $ 101,500 resistance zone. BTC was able to surpass the resistance levels of $ 102,200 and $ 103,200 to go to a positive zone.
It even knew the $ 104,500 resistance zone. The couple settled in a positive zone and is now confronted with obstacles near the $ 106,500 zone. A high was formed at $ 106,414 and the price now corrects the profits. There was a movement below the level of $ 105,000.
The now test the 23.6% FIB retracement level of the upward movement of the $ 97,688 Swing low to $ 106,414 high. Bitcoin price is now traded above $ 103,000 and the 100 simple advancing average.
There is also an important bullish trend line that forms with support for $ 103,500 on the hour table of the BTC/USD pair. At the top is immediate resistance near the level of $ 105,500. The first key resistance is near the level of $ 106,500. The next key resistance can be $ 107,000.
An end above the $ 107,000 resistance can further send the price. In the case mentioned, the price could rise and the resistance level of $ 108,800 tests. More profits can send the price to the $ 110,000 level.
Another decline in BTC?
If Bitcoin does not rise above the $ 105,000 resistance zone, this can start a new decline. Immediate support on the disadvantage is near the level of $ 103,500. The first major support is close to the $ 102,500 level and the 50% FIB retracement level of the upward movement of the $ 97,688 Swing low to $ 106,414 high.
The next support is now near the $ 102,000 zone. More losses can send the price to the support of $ 100,500 in the short term.
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 above 50 -level.
Important support levels – $ 103,500, followed by $ 102,500.
Large resistance levels – $ 105,500 and $ 106,500.