Bitcoin price started another rise above the $105,000 resistance zone. BTC is gaining momentum and traded to a new all-time high above $107,000.
- Bitcoin started a new rise above the $105,000 zone.
- The price is trading above $104,000 and the moving average is 100 hourly.
- A major bullish trend line is forming with support at $105,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a new rally if it holds above the $103,500 support area.
Bitcoin price extends rally
The price of Bitcoin formed a base and took off new promotion above the $102,000 zone. There was a move above the $103,200 and $104,500 levels.
The price even cleared the $105,000 mark. A new all-time high was created at $107,777 and the price is now consolidating gains. There was a slight decline below the 23.6% Fib level of the recent rally from the $99,251 swing low to the $107,777 high.
The price of Bitcoin is now trading above $104,000 and the price of Bitcoin is now trading above $104,000 100 hourly simple moving average. There is also a major bullish trend line forming with support at $105,000 on the hourly chart of the BTC/USD pair.
On the upside, the price could face close to the $107,200 level. The first major resistance is near the $107,750 level. A clear move above the $107,750 resistance could send the price higher. The next major offering could be $108,000. A close above the $108,000 resistance could push the price higher.
In the given case, the price could rise and test the $112,000 resistance level. Any other benefits could push the price to the $115,000 level.
Downside correction in BTC?
If Bitcoin does not rise above the $107,500 resistance zone, it could start an upside correction. Immediate support on the downside is near the $105,000 level or trend line.
The first major support is near the $103,000 level or the 50% Fib level of the recent rally from the $99,251 swing low to the $107,777 high. The next support is now near the $102,000 area. Any further losses could send the price to the $100,000 support in the short term.
Technical specifications:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Top Support Levels – $105,000, followed by $103,000.
Key Resistance Levels – $107,500, and $112,000.
