Will It Smash Another ATH?
Bitcoin price started a fresh rise above the $104,000 area. BTC is consolidating above $105,000 and may reach a new all-time high.
- Bitcoin started a sharp rise above the $102,500 resistance zone.
- The price is trading above $104,500 and the 100 hourly simple moving average.
- There was a break above resistance connecting a bearish trend line at $104,000 on the hourly chart of the BTC/USD pair (data feed via Kraken).
- If the pair holds above the $103,500 support area, it may start rising again.
Bitcoin price regains appeal
Bitcoin price starts to rise move up Above the $102,500 area. BTC was able to climb above the $103,500 and $104,000 levels.
The bulls even pushed the price above $105,000. Additionally, there was a break above the connecting bearish trend line with resistance at $104,000 on the hourly chart of the BTC/USD pair. The pair broke above the 50% Fib retracement level of the swing high of $109,112 to low of $100,114.
Bitcoin price is currently trading above $104,500, 100 hour simple moving average. On the upside, immediate resistance lies near $107,000. It is close to the 76.4% Fib retracement level of the downward move from the swing high of $109,112 to low of $100,114.
The first key resistance is near $107,500. A clear break above the $107,500 resistance could lead to a move higher. The next key resistance level is likely to be $109,000.
A close above the $109,000 resistance could lead to further gains. In the above scenario, the price may rise and test the $110,000 resistance and new all-time highs. In case of further gains, the price may rise towards the $112,500 level.
Bitcoin’s downside correction?
If Bitcoin fails to break above the $107,000 resistance, it may start a downside correction. Immediate support on the downside lies near the $104,500 level. The first major support level is located near $103,500.
The next support is near the $102,800 area. Any further losses could push the price towards the $100,500 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 – $104,500, followed by $103,500.
Major resistance levels – $107,000 and $108,500.
