Bitcoin price settled above the $100,500 resistance zone. BTC is consolidating gains and aiming for a fresh rise above the $105,000 zone.
- Bitcoin started nosediving from the 6 106,800 zone.
- The price is trading below $104,000 and the 100 hour simple moving average.
- There is a connecting bullish trend line with support at $102,000 on the hourly chart of the BTC/USD pair (data feed from Crain).
- It could start another rise if it stays above the 102,000 support zone.
Bitcoin price eyes the latest rise
The price of Bitcoin started a Good move up Above the $104,500 zone. BTC was able to climb to the level of $ 105,500 and 106,000.
The bulls pushed the price above the $106,500 level. However, bears were active near the $106,800 zone. A high was made at 256,833 and the price is now recovering the gains. There was a move below the $105,000 level.
There was a move below the 50% Fib retracement level after moving up from $101,281 to $106,833,833,833.1,833. Bitcoin price is now below $104,000 and 100 hours of normal running time. On the hourly chart of the BTC/USD pair, support is forming a bullish trend line connecting support with support.
On the upside, immediate resistance is near the $104,000 level. The first key resistance is near the $105,500 level. A clear move above the 1055,50000 resistance could push the price higher. The next key resistance could be $106,800.
A close above the 106,800 resistance could push the price higher. In the mentioned case, the price could rise above the 108,200 resistance level and test a new all-time high. Any more gains can send the price to the level of $р 110,000.
More losses in BTC?
If Bitcoin fails to rise above the $104,500 resistance zone, it may start to nosedive. Immediate support on the downside is the move above the $102,500 level or the 761,281 low move above the 106,833 high. The first major support is near the $101,250 level.
The next support is now near the $100,500 zone. Any further losses could also send the price to the 88,500 support in the near term.
Technical Indicators:
Hourly MACD – MACD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSA for BTC/USD is now below the 50 level.
Major support levels – after $101,250.
The main resistance level – 10 104,500 and $ 105,500.
