Consolidation or relaxation before the next move?

The price of Bitcoin is settled above the minimum level of the resistance zone of $ 100,500. BTC is consolidating gains and could be aiming for a new rise above the $105,000 range.

• Bitcoin started a downward cycle from the $106,800 range.
• The price is trading below $104,000 and the average rest is 100 hours.
• A connecting trend line is forming with support at $102,000 on the hourly chart of the BTC/USD pair (data feed from Kraigear).
• The pair could start another rise if it stays above the $102,000 support area.

Bitcoin rises to a new high

The price of bitcoin started a Move up more above the $104,500 range. BTC was able to climb above the $105,500 and $106,000 levels.

The bulls had even pushed the price above the $106,500 level. However, the bears were active near the $106,800 area. It was established high at $106,833 and the price is now correcting gains. There was a move below the $105,000 level.

There was a move below the revised 50% move up from the $101,281 swing low to the $106,833 high. The price of bitcoin is now trading below $104,000 and the 100 hours simplest. There is also a connecting trend line forming with support at $102,000 on the hourly chart of the BTC/USD pair.

On the anchor bottom position, immediate resistance is near the $104,000 level. The first characteristics are close to the level of $ 105,500. A clear move above the $105,500 number will likely push the price higher. The next major relief could be $106,800.

Resistance at $106,800 may push the price further higher. In the mentioned case, the price could rise and test the resistance level of $108,200 and new long-term. Getting more will probably push the price towards the $110,000 level.

More losses in BTC?

If Bitcoin rises above the $104,500 customer zone, it could start a bearish circuit. Immediate support on the low is near the low near the $102,500 level or the 76.4% retracement level of a move up from the $106,833 high. The first major support is near the $101,250 level.

The next support is now near the $100,500 area. More losses may push the price towards the nearby $88,500 support.

Technical specifications:

An hour. The Molly is now gaining speed in the sparrish zone.

Hourly RSI RSI (Relative Strength Index) – The RSI for BTC/USD is now below 50 levels.

Major support levels are – $102,500, followed by $101,250.

Different match rates – $104,500 and $105,500.