Bitcoin price started a recent rally above the $104,000 zone. BTC is consolidating above $105,000 and could aim for a new all-time high.
- Bitcoin started a decent rally above the $102,500 resistance zone.
- The price is trading above $104,500 and the 100 hourly simple moving average.
- There was a break above a connecting bearish trend line with resistance at $104,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may initiate another rally if it remains above the $103,500 support zone.
Bitcoin price regains traction
Wikipedia price started a decent moving upwards Above the $102,500 zone. BTC was able to climb above the $103,500 and $104,000 levels.
Bulls also pushed the price above the $105,000 level. Additionally, there was a break above a connecting bearish trend line with resistance at $104,000 on the hourly chart of the BTC/USD pair. The pair crossed the 50% Fib retracement level of the move down from the $109,112 swing high to the $100,114 low.
Bitcoin price is now trading above $104,500 and 100 hourly simple moving average. On the upside, immediate resistance is near the $107,000 level. It is near the 76.4% Fib retracement level of the downside move from the $109,112 swing high to the $100,114 low.
The first major resistance is near the $107,500 level. A clear move above the $107,500 resistance could send the price higher. The next major resistance could be $109,000.
A close above the $109,000 resistance could send the price higher. In the mentioned case, the price could rise and test the $110,000 resistance level and a new all-time high. Any further gains could send the price towards the $112,500 level.
Downside correction in BTC?
If Bitcoin fails to break above the $107,000 resistance zone, it could initiate a downside correction. Immediate support on the downside is near the $104,500 level. The first major support is near the $103,500 level.
The next support is now near the $102,800 zone. Any further losses could send the price towards the $100,500 support in the near term.
Technical Indicators:
Hourly MACD – MACD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Main support level – $104,500, followed by $103,500.
Key resistance levels – $107,000 and $108,500.
