Rally Shows No Signs of Slowing
Bitcoin price started rising again, breaking above the $105,000 resistance zone. BTC is accelerating its rise and has hit an all-time high above $107,000.
- Bitcoin started a fresh surge above the $105,000 area.
- The price is trading above $104,000 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support at $105,000 on the hourly chart of the BTC/USD pair (data feed via Kraken).
- If the pair holds above the $103,500 support area, a fresh increase may begin.
Bitcoin price extends gains
Bitcoin Price Forms Base and Starts fresh addition Above the $102,000 area. The price broke above the $103,200 and $104,500 levels.
The price even broke above the $105,000 level. A new all-time high is at $107,777 and the price is now consolidating gains. The price was slightly lower below the 23.6% Fib retracement level of the recent rally from the $99,251 swing low to $107,777 high.
Bitcoin price is currently trading above $104,000 100 hour simple moving average. There is also a key bullish trend line forming with support at $105,000 on the hourly chart of the BTC/USD pair.
On the bright side, the price may face resistance near $107,200. The first key resistance is near $107,750. A clear break above the $107,750 resistance could lead to a move higher. The next key resistance level is likely to be $108,000. A close above the $108,000 resistance could lead to further gains.
In the above scenario, the price may rise and test the $112,000 resistance. In case of further gains, the price may rise towards the $115,000 level.
Bitcoin’s downside correction?
If Bitcoin fails to break above the $107,500 resistance zone, it may start a downside correction. Immediate support on the downside lies near the $105,000 level or trendline.
The first major support level is seen near $103,000, the 50% Fib retracement level of the recent rally from the $99,251 swing low to $107,777 high. The next support is near the $102,000 area. Any further losses could push the price towards the $100,000 support in the short term.
Technical indicators:
Hourly MACD – The MACD is currently accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
The main support level – $105,000, followed by $103,000.
Major resistance levels – $107,500 and $112,000.
