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Bitcoin price began another rise above the $106,000 resistance zone. BTC has reached a new all-time high above $108,000 and is currently correcting its upward trend.
- Bitcoin began a new surge above the $106,000 area.
- The price is trading above $105,000 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), a break has occurred below the main bullish trendline with support at $106,000.
- If it stays above the $103,750 support, the pair could start a fresh increase.
Bitcoin price still maintains an upward trend
Bitcoin price formed a base and began a new rise above the $103,500 area. There was a move above the $104,000 and $105,000 levels.
The price also exceeded the $106,000 level. A new all-time high was reached at $108,297 and the price is currently correcting its upward trend. There was a slight decline below the 23.6% Fib retracement level of the recent wave from the $99,250 swing low to the $108,297 high.
On the hourly chart of the BTC/USD pair, a break has occurred below the main bullish trendline with support at $106,000. Bitcoin price is currently trading above $105,000 and the 100-hour simple moving average.
On the other hand, the price may face resistance near $106,200. The first major resistance is near the $107,750 level. A clear break above the $107,750 resistance could push the price higher. The next major resistance could be at $108,250. A break above the $108,250 resistance could push the price higher.
If indicated, the price could move higher to test the $112,000 resistance level. If more profits are made, the price could rise to the $115,000 level.
Are there more downsides to BTC?
If Bitcoin fails to rise above the $106,200 resistance zone, it may continue to fall. Immediate support for the downside is near the $105,000 level.
The first major support is near the $103,750 level, or the 50% Fib retracement level of the recent wave from the $99,250 low to the $108,297 high. The next support is now near the $102,200 area. Any more losses could lead the price towards the $100,500 support in the near term.
Technical indicators:
Hourly MACD – MACD is now losing speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $105,000, then $103,750.
Key resistance levels – $106,200 and $108,250.