Bitcoin price started another rise above the $100,000 resistance zone. BTC is up nearly 5% and was trading to a new all-time high above $106,400.
- Bitcoin started a new rise above the $100,000 zone.
- The price is trading above $102,000 and the moving average is 100 hourly.
- A connecting bullish trend line is forming with support at $103,400 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 $102,500 support area.
Bitcoin price rallies again
The price of Bitcoin formed a base and took off new promotion above the $100,000 zone. There was a move above the $102,200 and $103,500 levels.
The price even cleared the $104,000 mark. A new all-time high was formed at $106,487 and the price is now consolidating gains. It is slowly moving below the 23.6% Fib level of the recent wave from the $99,250 swing low to the $106,487 high.
The price of Bitcoin is now trading above $102,000 and the price of Bitcoin is now trading above $102,000 100 hourly simple moving average. There is also a connecting bullish trend line forming with support at $103,400 on the hourly chart of the BTC/USD pair. The transition line is near the 50% Fib level of the recent wave from the $99,250 swing low to the $106,487 high.
On the upside, the price could face close to the $105,500 level. The first major offering is near the $106,500 level. A clear move above the $106,500 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 $110,000 resistance level. Any other benefits could push the price to the $112,000 level.
Another decline in BTC?
If Bitcoin does not rise above the $105,500 resistance zone, it could continue to decline. Immediate support on the downside is near the $103,500 level or the trend line.
The first major support is near the $102,000 level. The next support is now near the $100,250 area. Any further losses could send the price towards the $98,000 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 – $103,500, followed by $102,000.
Key Resistance Levels – $105,500, and $106,500.
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