This article is available in Spanish.
Bitcoin price is rapidly gaining above the $100,000 zone. BTC is rising and could accelerate even further if it reaches the $102,000 zone.
- Bitcoin started a decent rise above the $100,000 zone.
- The price is trading above $100,500 and the 100 hourly Simple Moving Average.
- There was a break above a short-term descending channel with resistance at $99,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise again if it remains above the $100,000 support zone.
Bitcoin price reclaims $100,000
Bitcoin price started a decent upward move above the $98,000 zone. BTC was able to climb above the USD 98,500 and USD 98,800 levels.
The bulls managed to push the price above the key USD 10,000 mark. The price even reached $101,500. Moreover, there was a break above a short-term descending channel with resistance at $99,400 on the hourly chart of the BTC/USD pair.
A high was reached at $102,000 and the price is now consolidating gains and well above the 23.6% Fib retracement level of the upward move from the $89,115 swing low to the $102,000 high.
Bitcoin price is now trading above $100,800 and the 100 hourly Simple Moving Average. On the upside, immediate resistance is around the $102,000 level. The first major resistance is around the $102,500 level. A clear move above the USD 102,500 resistance could push the price higher. The next major resistance could be at $104,000.
A close above the $104,000 resistance could send the price higher. In the said case, the price could rise and test the USD 106,000 resistance level. Any further gains could send the price towards the USD 108,500 level.
Downward correction in BTC?
If Bitcoin fails to rise above the $102,000 resistance zone, a downward correction could occur. The immediate downside support is near the $100,500 level. The first major support is near the $100,000 level.
The next support now lies near the $95,500 zone or the 50% Fib retracement level of the upward move from the $89,115 swing low to the $102,000 high. Any further losses could send the price towards the USD 93,500 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 – USD 100,500, followed by USD 100,000.
Major resistance levels – $102,000 and $102,500.