Bitcoin price started a new increase above $ 107,500 zone. BTC is now consolidating and has difficulty staying higher above $ 110,000.
- Bitcoin started a new increase above the $ 108,500 zone.
- The price is traded above $ 108,000 and the simple simple advancing average of 100 hours.
- There is an increasing channel in the short term that forms with support at $ 109,500 on the hour table of the BTC/USD pair (data feed from Kraken).
- The couple can start a new increase if it remains above $ 107,850 zone.
Bitcoin -Price consolidates profits
Bitcoin price started a new increase after it was located above the $ 105,500 resistance. BTC knew many obstacles in the vicinity of $ 107,000 to start a considerable increase.
The bulls pushed the price in a positive zone above the level of $ 108,000. The price was even above the $ 110,000 level before the bears appeared. A high was formed near $ 110,578 and the price is now the profits around the 23.6% FIB retracement level of the upward movement of the $ 105,116 Swing low to $ 110,578 high.
Bitcoin is now traded above $ 108,000 and the 100 -hour simple advancing average. In addition, there is a rising channel in the short term that forms with support for $ 109,500 on the hour table of the BTC/USD couple.
At the top is immediate resistance near the level of $ 110,000. The first key resistance is near the level of $ 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 level of $ 113,200.
Disadvantage correction 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 $ 109,500 and the trend line of the channel. The first major support is near the level of $ 108,800.
The next support is now near the $ 107,850 zone and the 50% FIB racement level of the upward movement of the $ 105,116 Swing low to $ 110,578 high. All losses can send the price in the short term to the support of $ 106,400. The most important support is $ 105,000, including BTC could stay down.
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 – $ 108,800, followed by $ 107,850.
Important resistance levels – $ 110,000 and $ 110,500.