Bitcoin price started another rise above the $106,000 resistance zone. BTC traded to a new all-time high above $108,000 and is currently correcting gains.
- Bitcoin started a new rise above the $106,000 zone.
- The price is trading above $105,000 and the moving average is 100 hourly.
- There was a break below the main bullish trend line with support at $106,000 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 $103,750 support area.
Bitcoin price is still in Uptrend
The price of Bitcoin formed a base and took off new promotion above the $103,500 zone. There was a move above the $104,000 and $105,000 levels.
The price even cleared the $106,000 mark. A new all-time high was formed at $108,297 and the price is now correcting gains. There was a slight decline below the 23.6% Fib retracement of the recent wave from the $99,250 swing low to $108,297 high.
There was a break under the key bullish trend line with support at $106,000 on the hourly chart of the BTC/USD pair. The price of Bitcoin is now trading above $105,000 and the simple moving average is 100 times an hour.
On the upside, the price could face close to the $106,200 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 $108,250. A close above the $108,250 resistance could send 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.
More downsides in BTC?
If Bitcoin does not rise above the $106,200 resistance zone, it could continue to decline. Immediate support on the downside is near the $105,000 level.
The first major support is near the $103,750 level or the 50% Fib level of the recent wave from the $99,250 swing low to the $108,297 high. The next support is now near the $102,200 area. Any further losses could send the price towards the $100,500 support in the short term.
Technical specifications:
Hourly MACD – The MACD is now losing momentum 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 $103,750.
Key Resistance Levels – $106,200, and $108,250.
