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Bitcoin price has started to rise again above the $106,000 resistance zone. BTC traded to an all-time high of over $108,000 and is now correcting its gains.
Bitcoin has started a new rally above the $106,000 zone. The price is trading above $105,000 and the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair (data feed from Kraken), it broke below the important bullish trend line with support at $106,000. If it breaks above the $103,750 support zone, the pair could start a new rally.
Bitcoin price continues to trend upward
Bitcoin price has formed a base and started a new rally above the $103,500 zone. There was a move above the $104,000 and $105,000 levels.
The price also exceeded the $106,000 level. A new all-time high was formed at $108,297 and the price is currently correcting up. From the swing low of $99,250 to the high of $108,297, there was a slight decline below the 23.6% Fib retracement level of the recent wave.
On the hourly chart of the BTC/USD pair, the pair broke below the main bullish trend line with support at $106,000. Bitcoin price is currently trading above $105,000 and the 100-hour simple moving average.
On the upside, the price may face resistance near the $106,200 level. The first major resistance level is near the $107,750 level. A clear break above the $107,750 resistance could push the price higher. The next major resistance level could be at $108,250. If the price closes above the $108,250 resistance, the price could move higher.
Source: BTCUSD on TradingView.com
In the above case, the price may rise and test the $112,000 resistance level. Any further rise could push the price closer to the $115,000 level.
What are the further drawbacks of BTC?
If Bitcoin fails to rise above the $106,200 resistance zone, the decline could continue. Immediate support on the downside is near the $105,000 level.
The first major support is near the $103,750 level, or the 50% Fib retracement level of the recent wave from the swing low of $99,250 to the high of $108,297. The next support is currently near the $102,200 zone. Any further losses could send the price towards the $100,500 support in the short term.
Technical indicators:
Hourly MACD – The MACD is currently losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is currently above the 50 level.
Major support level – $105,000, followed by $103,750.
Key resistance levels – $106,200 and $108,250.
