Bitcoin Price Back In The Green — Momentum Builds for More Gains
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Bitcoin price started a fresh increase above the $105,500 zone. BTC is now consolidating and might aim for a move above the $108,000 resistance.
- Bitcoin started a fresh increase above the $105,500 zone.
- The price is trading above $105,500 and the 100 hourly Simple moving average.
- There is a bullish trend line forming with support at $107,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase if it stays above the $106,000 zone.
Bitcoin Price Eyes More Gains
Bitcoin price started a fresh increase above the $103,500 zone. BTC gained pace and was able to climb above the $104,200 and $105,500 levels to enter a positive zone.
The bulls pushed the price above the $106,500 resistance and the price tested the $108,200 zone. A high was formed at $108,165 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $98,272 swing low to the $108,165 high.
Bitcoin is now trading above $106,000 and the 100 hourly Simple moving average. There is also a bullish trend line forming with support at $107,400 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is near the $108,000 level. The first key resistance is near the $108,200 level or the 1.236 Fib extension level of the downward move from the $106,470 swing high to the $98,276 low. A close above the $108,200 resistance might send the price further higher. In the stated case, the price could rise and test the $110,000 resistance level. Any more gains might send the price toward the $112,000 level.
Another Drop In BTC?
If Bitcoin fails to rise above the $108,500 resistance zone, it could start another decline. Immediate support is near the $107,400 level and the trend line. The first major support is near the $105,500 level.
The next support is now near the $104,000 zone. Any more losses might send the price toward the $103,500 support in the near term. The main support sits at $103,200, below which BTC might gain bearish momentum.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $107,400, followed by $105,500.
Major Resistance Levels – $108,500 and $110,000.
