Bitcoin prices have begun a new increase beyond the $103,250 zone. BTC is currently integrated and could be aiming to move beyond $106,500 in resistance.
- Bitcoin has begun a new increase beyond the $105,000 zone.
- The price is traded above $103,500, and is a simple moving average every 100 hours.
- The hourly chart of the BTC/USD pair (data feed from Kraken) has $106,000 in support, creating a bullish trendline.
- The pair could begin a new increase if they are above the $104,200 zone.
Bitcoin prices increase
Bitcoin prices have begun a new increase beyond the $102,500 zone. BTC was able to increase the pace and climb above the $103,200 and $103,500 levels to get into the positive zone.
The Bulls pushed the price above the 76.4% FIB retracement level for the downward movement from a swing high of $106,470 to a low of $98,276. We opened the door for pushes above $106,000 resistance and tested the zone with a price of $106,500.
Bitcoin is currently trading over $105,000 and trades a simple moving average every 100 hours. Additionally, the hourly wage chart for the BTC/USD pair forms a bullish trendline with $106,000 support.
The advantage is that immediate resistance is close to the $106,500 level. The first important resistance is close to the $107,200 level. The next important resistance is from a downward movement of FIB expansion levels of $108,500 or 1.236 to a low of $106,470 to a low of $98,276.
Over $108,500 resistance could lead to even higher prices. If stated, the price could rise and test a resistance level of $110,000. Any further profit could potentially send the price towards the $112,000 level.
Another drop in BTC?
If Bitcoin does not rise above the $106,500 resistance zone, it could begin another decline. Immediate support is close to the $106,000 level. The first major support is close to the $105,500 level.
The following support is located near the $104,200 zone: Any further losses could send the price to $103,500 in the short term. The main support is $102,000, and BTC may have a hard time finding a bid.
Technical indicators:
HOURLY MACD – MACD is currently increasing its pace in the bullish zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is above 50 levels.
Key support levels – $106,000, then $105,500.
Major resistance levels – $106,500 and $108,500.
