Bitcoin prices have begun a new increase beyond the $107,500 zone. BTC is currently struggling to clear $110,500 and could fix some profits.
- Bitcoin has launched a new upward move, surpassing the $108,000 zone.
- The price trades over $107,800 and has a simple moving average every 100 hours.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), there was a break below the bullish trendline with support of $109,450.
- The pair could start a new surge once they clear their $110,000 resistance zone.
Bitcoin price corrects profit
Bitcoin prices have begun a new increase after exceeding the $105,500 support zone. The BTC was able to surpass the $106,500 and $108,000 resistance levels.
The Bulls even pushed up prices that surpassed the $109,200 resistance. The highs formed near $110,375, and the price is currently correcting profits. There was a move below the 23.6% FIB retracement level from a $105,477 swing to $110,373.
Plus, there was a break below the bullish trendline with $109,450 support on the BTC/USD pair hourly wage chart. Bitcoin is currently trading over $107,500 and trades a simple moving average every 100 hours.
The advantage is that immediate resistance is close to the $109,250 level. The first important resistance is close to the $110,000 level. The next important resistance could be $110,500. Over $110,500 resistance could lead to even higher prices. If stated, the price could rise and test resistance levels of $112,000. Any further profit could potentially send the price towards the $115,000 level.
More losses in BTC?
If Bitcoin does not rise above the $110,000 resistance zone, it could begin another decline. Immediate support is close to the $108,000 level, with a 50% FIB retracement level upward movement from a low swing of $105,477 to a $110,373. The first major support is close to the $107,350 level.
The following support is located near the $106,550 zone: Any further losses could send the price to $105,500 in the short term. The main support is $105,000, and below BTC you could potentially gain bearish momentum.
Technical indicators:
HOURLY MACD – MACD is currently losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is below 50 level.
Key support levels – $108,000, then $107,350.
Major resistance levels – $110,000 and $110,500.