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Bitcoin price started a fresh increase above the $107,500 zone. BTC is now consolidating and might aim for a move above the $108,800 resistance.
- Bitcoin started a fresh increase above the $107,500 zone.
- The price is trading above $107,500 and the 100 hourly Simple moving average.
- There is a bullish trend line forming with support at $107,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase if it stays above the $106,500 zone.
Bitcoin Price Eyes More Gains
Bitcoin price started a fresh increase above the $105,000 zone. BTC gained pace and was able to climb above the $105,500 and $106,500 levels to enter a positive zone.
The bulls pushed the price above the $107,500 resistance and the price tested the $108,800 zone. A high was formed at $108,792 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $106,477 swing low to the $108,792 high.
Bitcoin is now trading above $107,000 and the 100 hourly Simple moving average. There is also a bullish trend line forming with support at $107,600 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is near the $109,800 level. The first key resistance is near the $109,200 level. A close above the $109,200 resistance might send the price further higher. In the stated case, the price could rise and test the $110,000 resistance level. Any more gains might send the price toward the $112,000 level.
Downside Correction Reaction In BTC?
If Bitcoin fails to rise above the $108,800 resistance zone, it could start another decline. Immediate support is near the $107,800 level. The first major support is near the $107,500 level and the trend line.
The next support is now near the $107,200 zone and the 61.8% Fib retracement level of the upward move from the $106,477 swing low to the $108,792 high. Any more losses might send the price toward the $106,500 support in the near term. The main support sits at $105,500, 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 $107,200.
Major Resistance Levels – $108,800 and $110,000.
