Bitcoin price settled above the $100,500 resistance zone. BTC is consolidating gains and might aim for a fresh increase above the $105,000 zone.
Bitcoin started a downside correction from the $106,800 zone.
The price is trading below $104,000 and the 100 hourly Simple moving average.
There is a connecting bullish trend line forming with support at $102,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it stays above the $102,000 support zone.
Bitcoin Price Eyes Fresh Increase
Bitcoin price started a decent upward move above the $104,500 zone. BTC was able to climb above the $105,500 and $106,000 levels.
The bulls even pushed the price above the $106,500 level. However, the bears were active near the $106,800 zone. A high was formed 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. There is also a connecting bullish trend line forming with support at $102,000 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is near the $104,000 level. The first key resistance is near the $105,500 level. A clear move above the $105,500 resistance might send the price higher. The next key resistance could be $106,800.
A close above the $106,800 resistance might send the price further higher. In the stated case, the price could rise and test the $108,200 resistance level and a new all-time high. Any more gains might send the price toward the $110,000 level.
More Losses In BTC?
If Bitcoin fails to rise above the $104,500 resistance zone, it could start a downside correction. Immediate support on the downside 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 more losses might send the price toward the $88,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace 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.
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