Bitcoin price started a fresh increase and tested the $105,000 zone. BTC is now consolidating gains while Ethereum rallied toward the $2,750 resistance.
Bitcoin started a strong increase and settled above the $102,500 resistance zone.
The price is trading above $103,000 and the 100 hourly Simple moving average.
There is a new connecting bullish trend line with support at $103,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it clears the $105,000 zone.
Bitcoin Price Consolidates Gains
Bitcoin price started a fresh increase from the $100,500 support zone. BTC formed a base and was able to clear the $102,000 resistance zone. The bulls even pushed the price above $103,200.
The pair spiked toward $105,000. A high was formed at $104,980 and the price is now correcting gains. There was a move below the 23.6% Fib retracement level of the upward move from the $100,772 swing low to the $104,980 high.
Bitcoin is now trading above $103,500 and the 100 hourly Simple moving average. There is also a new connecting bullish trend line with support at $103,650 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is near the $104,500 level. The first key resistance is near the $105,000 level. The next key resistance could be $105,500. A close above the $105,500 resistance might send the price further higher. In the stated case, the price could rise and test the $106,800 resistance level. Any more gains might send the price toward the $108,000 level.
More Losses In BTC?
If Bitcoin fails to rise above the $105,000 resistance zone, it could start another downside correction. Immediate support on the downside is near the $103,500 level. The first major support is near the $102,850 level and the 50% Fib retracement level of the upward move from the $100,772 swing low to the $104,980 high.
The next support is now near the $101,750 zone. Any more losses might send the price toward the $100,200 support in the near term. The main support sits at $98,800.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $103,500, followed by $102,850.
Major Resistance Levels – $105,000 and $105,500.
