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Bitcoin price started a new increase above the $104,000 zone. BTC is consolidating above $105,000 and could aim for a new all-time high.
- Bitcoin started a decent rise above the $102,500 resistance zone.
- The price is trading above USD 104,500 and the 100 hourly Simple Moving Average.
- There was a break above a connecting bearish trendline with resistance at $104,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise again if it remains above the $103,500 support zone.
Bitcoin price regains traction
Bitcoin price started a decent upward move above the $102,500 zone. BTC was able to climb above the USD 103,500 and USD 104,000 levels.
The bulls even pushed the price above the USD 105,000 level. Additionally, there was a break above a connecting bearish trendline with resistance at $104,000 on the hourly chart of the BTC/USD pair. The pair surpassed the 50% Fib retracement level on the downward move from the $109,112 swing high to the $100,114 low.
Bitcoin price is now trading above $104,500 and the 100 hourly Simple Moving Average. On the upside, immediate resistance is around the $107,000 level. It is close to the 76.4% Fib retracement level of the downward move from the $109,112 swing high to the $100,114 low.
The first major resistance is around the $107,500 level. A clear move above the USD 107,500 resistance could push the price higher. The next major resistance could be at $109,000.
A close above the resistance at $109,000 could send the price rising further. In the said case, the price could rise and test the USD 110,000 resistance level and a new all-time high. Any further gains could send the price towards the USD 112,500 level.
Downward correction in BTC?
If Bitcoin fails to rise above the $107,000 resistance zone, a downward correction could occur. The immediate downside support is near the $104,500 level. The first major support is near the $103,500 level.
The next support is now near the $102,800 zone. Any further losses could send the price towards the USD 100,500 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 – $104,500, followed by $103,500.
Major resistance levels – $107,000 and $108,500.