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Bitcoin price crossed above the USD 100,500 resistance zone. BTC is consolidating gains and could aim for another surge above the $105,000 zone.
- Bitcoin started a downward correction from the $106,800 zone.
- The price is trading below $104,000 and the 100 hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $102,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise again if it remains above the $102,000 support zone.
Bitcoin price looks fresh
Bitcoin price started a decent upward move above the $104,500 zone. BTC was able to climb above the USD 105,500 and USD 106,000 levels.
The bulls even pushed the price above the USD 106,500 level. However, the bears were active near the $106,800 zone. It reached a high at $106,833 and the price is now correcting gains. There was a move below the $105,000 level.
There was a move below the 50% Fib retracement level of the upward move from the $101,281 swing low to the $106,833 high. Bitcoin price is now trading below $104,000 and the 100 Hourly Simple Moving Average. A connecting bullish trendline is also forming with support at $102,000 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is around the $104,000 level. The first major resistance is around the $105,500 level. A clear move above the USD 105,500 resistance could push the price higher. The next major resistance could be at $106,800.
A close above the resistance at $106,800 could send the price higher. In the said case, the price could rise and test the USD 108,200 resistance level and a new all-time high. Any further gains could send the price towards the $110,000 level.
Lose more in BTC?
If Bitcoin fails to rise above the $104,500 resistance zone, a downward correction could occur. The immediate downside support is near the $102,500 level or the 76.4% Fib retracement level of the upward move from the $101,281 swing low to the $106,833 high. The first major support is near the $101,250 level.
The next support is now near the $100,500 zone. Any further losses could send the price towards the USD 88,500 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – $102,500, followed by $101,250.
Major resistance levels – $104,500 and $105,500.
