Bitcoin price started another rise above the $105,000 resistance zone. BTC is gaining momentum and is trading at a new all-time high above $107,000.
- Bitcoin started a fresh surge above the $105,000 area.
- The price is trading above $104,000 and the 100-hour simple moving average.
- There is a key bullish trend line forming with support at $105,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- If the pair stays above the $103,500 support zone, it could start a fresh rise.
Bitcoin price rally extended
Bitcoin price formed a base and started a new rise above the $102,000 area. There was a move above the $103,200 and $104,500 levels.
The price even crossed the $105,000 level. A new all-time high was formed at $107,777 and the price is now consolidating gains. There was a minor decline below the 23.6% Fibonacci retracement level of the recent rally from low $99,251 to high $107,777.
Bitcoin price is now trading above $104,000 and the 100-hour simple moving average. There is also a key bullish trend line forming with support at $105,000 on the hourly charts of the BTC/USD pair.
On the positive side, the price may face resistance near the $107,200 level. The first major resistance is near the $107,750 level. A clear move above the $107,750 resistance could boost the price. The next major resistance could be $108,000. A close above the $108,000 resistance could push the price higher.
In the mentioned case, the price may rise and test the $112,000 resistance level. Any more gains could push the price towards $115,000.
Downside correction in BTC?
If Bitcoin fails to rise above the $107,500 resistance zone, it could start a downside correction. On the downside, immediate support lies near the $105,000 level or the trend line.
The first major support is near the $103,000 level or the 50% Fibonacci retracement level of the recent rally from the low of $99,251 to the high of $107,777. The next support is now near the $102,000 area. Any further losses could send the price towards $100,000 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.
Key support levels – $105,000, followed by $103,000.
Key resistance levels – $107,500, and $112,000.
