Bitcoin price started a fresh increase and traded to a new all-time high above the $111,600 zone. BTC is now consolidating and might start another increase above $111,000
Bitcoin started a fresh upward move from the $106,800 zone.
The price is trading above $108,500 and the 100 hourly Simple moving average.
There was a break above a key bearish trend line with resistance at $107,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain bullish momentum if it clears the $110,000 resistance.
Bitcoin Price Eyes Fresh Increase
Bitcoin price traded to a new all-time above $110,000 and recently started a downside correction. BTC tested the $106,700 zone and recently started a fresh increase.
There was a move above the $107,000 and $108,000 resistance levels. The bulls pushed the price above the 23.6% Fib retracement level of the recent decline from the $111,983 swing high to the $106,672 low. Besides, there was a break above a key bearish trend line with resistance at $107,800 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading above $109,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $110,000 level. It is close to the 61.8% Fib retracement level of the recent decline from the $111,983 swing high to the $106,672 low.
The first key resistance is near the $110,750 level. The next key resistance could be $111,800. A close above the $111,800 resistance might send the price further higher. In the stated case, the price could rise and test the $113,000 resistance level. Any more gains might send the price toward the $115,000 level.
Another Decline In BTC?
If Bitcoin fails to rise above the $111,000 resistance zone, it could start another correction. Immediate support on the downside is near the $108,000 level. The first major support is near the $107,500 level.
The next support is now near the $106,500 zone. Any more losses might send the price toward the $105,000 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 – $107,500, followed by $106,500.
Major Resistance Levels – $111,000 and $113,000.
