Bitcoin Price Uptrend Intact — Extension Likely if Momentum Holds
Trending Articles- Bitcoin Drops to $70,000. U.S. Government Refuses to Bail Out Market, End of Bull Market or Golden Pit?
- Gold rallies further beyond $5,050 amid flight to safety, dovish Fed expectations
- Bitcoin Bottom Debate: $70,000 or $50,000?
- Bitcoin Slips Below 75,000 Mark. Will Strategy Change Its Mind and Sell?
- Bitcoin Rout. Bridgewater Founder Dalio Publicly Backs Gold.
- Ethereum Price Forecast: ETH faces heavy distribution as price slips below average cost basis of investors
Bitcoin price started a fresh increase above the $107,500 zone. BTC is now consolidating and might aim for a move above the $108,800 resistance.
Bitcoin started a fresh increase above the $107,500 zone.
The price is trading above $107,500 and the 100 hourly Simple moving average.
There is a bullish trend line forming with support at $107,600 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 $106,500 zone.
Bitcoin Price Eyes More Gains
Bitcoin price started a fresh increase above the $105,000 zone. BTC gained pace and was able to climb above the $105,500 and $106,500 levels to enter a positive zone.
The bulls pushed the price above the $107,500 resistance and the price tested the $108,800 zone. A high was formed at $108,792 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $106,477 swing low to the $108,792 high.
Bitcoin is now trading above $107,000 and the 100 hourly Simple moving average. There is also a bullish trend line forming with support at $107,600 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is near the $109,800 level. The first key resistance is near the $109,200 level. A close above the $109,200 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.
Downside Correction Reaction In BTC?
If Bitcoin fails to rise above the $108,800 resistance zone, it could start another decline. Immediate support is near the $107,800 level. The first major support is near the $107,500 level and the trend line.
The next support is now near the $107,200 zone and the 61.8% Fib retracement level of the upward move from the $106,477 swing low to the $108,792 high. Any more losses might send the price toward the $106,500 support in the near term. The main support sits at $105,500, 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 – $107,500, followed by $107,200.
Major Resistance Levels – $108,800 and $110,000.
Read more
* 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.
