Bitcoin price is starting to rise again above the resistance area of $106,000. BTC trading price broke above $108,000, reaching an all-time high, and is currently correcting the gains.
Bitcoin has started to surge again above $106,000.
The price is currently above $105,000 and the 100-hour simple moving average.
On the hourly chart for BTC/USD, a key bullish trend line has been broken, with support at $106,000 (data from Kraken).
If the currency pair stays above the support area of $103,750, it may begin a new round of upward movement.
Bitcoin price remains on an upward trend.
Bitcoin price has formed a bottom and started to break through the $103,500 area, surpassing the levels of $104,000 and $105,000.
The price even broke above the $106,000 level, reaching an all-time high of $108,297, and the current price is correcting the gains. The 23.6% Fibonacci retracement level of the recent swing from the low of $99,250 to the high of $108,297 has slightly declined.
On the hourly chart for BTC/USD, a key bullish trend line has been broken, with support at $106,000. The Bitcoin price is currently trading above $105,000 and the 100-hour simple moving average.
From an upward perspective, the price may face resistance near $106,200. The first key resistance level is around $107,750. If the resistance level of $107,750 is clearly broken, the price may rise. The next key resistance level could be $108,250. If the closing price is above the resistance level of $108,250, the price may rise further.
Under the above conditions, the price may rise and test the resistance level of $112,000. If it continues to rise, the price may reach the level of $115,000.
Are there still many downsides for BTC?
If Bitcoin fails to break through the resistance area of $106,200, it may continue to decline. The direct support level on the downside is around $105,000.
The first major support level is around $103,750, which is the 50% Fibonacci retracement level of the recent swing from the low of $99,250 to the high of $108,297. The next support level is now in the $102,200 area. If the price continues to decline, it may drop towards the support level of $100,500 in the short term.
Technical indicators:
Hourly MACD - The MACD is currently losing momentum in the bullish territory.
Hourly RSI (Relative Strength Index) - The RSI for BTC/USD is currently above the 50 level.
Major support levels - $105,000, followed by $103,750.
Major resistance levels - $106,200 and $108,250.