Bitcoin Price Looks Upward — Is the Next Leg Higher Starting?

Bitcoin price started a fresh increase and cleared the $103,500 zone. BTC is now consolidating and might aim to clear the $105,000 zone.

• Bitcoin started a fresh upward move from the $101,500 zone.
• The price is trading above $103,000 and the 100 hourly Simple moving average.
• There was a break above a connecting bearish trend line with resistance at $103,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could gain bullish momentum if it clears the $105,000 resistance.

Bitcoin Price Aims Higher

Bitcoin price started a fresh increase from the $101,500 support zone. BTC formed a base and was able to clear the $102,500 resistance zone. The bulls even pushed the price above $103,200.

There was a move above the 50% Fib retracement level of the downward move from the $104,980 swing high to the $101,441 low. Besides, there was a break above a connecting bearish trend line with resistance at $103,950 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading above $103,200 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $104,150 level or the 76.4% Fib retracement level of the downward move from the $104,980 swing high to the $101,441 low.

The first key resistance is near the $105,000 level. The next key resistance could be $105,500. A close above the $105,500 resistance might send the price further higher. In the stated case, the price could rise and test the $106,500 resistance level. Any more gains might send the price toward the $108,000 level.

Another Decline In BTC?

If Bitcoin fails to rise above the $104,200 resistance zone, it could start another correction in the short term. Immediate support on the downside is near the $103,200 level and the 100 hourly Simple moving average. The first major support is near the $102,500 level.

The next support is now near the $101,500 zone. Any more losses might send the price toward the $100,000 support in the near term. The main support sits at $98,800, 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 – $102,500, followed by $101,500.

Major Resistance Levels – $104,200 and $105,000.