Bitcoin price started a fresh increase and tested the $108,800 zone. BTC is struggling to rise further and is correcting gains below $108,000.
Bitcoin started a fresh increase above the $107,000 zone.
The price is trading above $106,800 and the 100 hourly Simple moving average.
There was a break below a bullish trend line with support at $107,800 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 $105,500 zone.
Bitcoin Price Starts Fresh Increase
Bitcoin price started a fresh increase from the $104,500 support zone. BTC climbed above the $105,500 and $106,200 levels to enter a positive zone.
The price even jumped above the $108,000 resistance. However, the bears remained active amid rising global conflict fears. A high was formed at $108,898 and the price is now correcting gains. There was a move below the $108,000 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $104,529 swing low to the $108,898 high.
Besides, there was a break below a bullish trend line with support at $107,800 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $106,800 and the 100 hourly Simple moving average.
On the upside, immediate resistance is near the $107,600 level. The first key resistance is near the $108,000 level. The next key resistance could be $108,800. A close above the $108,800 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.
More Losses In BTC?
If Bitcoin fails to rise above the $108,000 resistance zone, it could start another decline. Immediate support is near the $106,700 level and the 50% Fib retracement level of the upward move from the $104,529 swing low to the $108,898 high. The first major support is near the $106,200 level.
The next support is now near the $105,500 zone. Any more losses might send the price toward the $103,500 support in the near term. The main support sits at $102,000, below which BTC might gain bearish momentum.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major Support Levels – $106,700, followed by $105,500.
Major Resistance Levels – $107,600 and $108,000.
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
