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Bitcoin price began a new rise above the $104,000 area. BTC could consolidate above $105,000 and aim for a new all-time high.
- Bitcoin began a significant rally above the $102,500 resistance zone.
- The price is trading above $104,500 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), a breakout occurred above a bearish trend line connecting with resistance at $104,000.
- If it stays above the $103,500 support, it could start a further rise.
Bitcoin price gains traction again
Bitcoin price began a significant uptrend by crossing the $102,500 area. BTC was able to break above the $103,500 and $104,000 levels.
The bulls pushed the price above the $105,000 level. Moreover, on the hourly chart of the BTC/USD pair, there was a break above the bearish trend line connecting the $104,000 resistance level. The pair broke above the 50% Fib retracement level moving down from the $109,112 swing high to the $100,114 low.
Bitcoin price is currently trading above $104,500 and the 100-hour simple moving average. On the other hand, immediate resistance is close to the $107,000 level. This is close to the 76.4% Fib retracement level of the downward move from the $109,112 swing high to the $100,114 low.
The first major resistance is near the $107,500 level. A clear break above the $107,500 resistance could push the price higher. The next major resistance could be $109,000.
A break above the $109,000 resistance could push the price higher. If indicated, the price could move higher to test the $110,000 resistance level and a new all-time high. More profits could push the price higher to the $112,500 level.
Fixing BTC’s shortcomings?
If Bitcoin fails to rise above the $107,000 resistance zone, a downward correction could begin. Immediate support for the downside is near the $104,500 level. The first major support is near the $103,500 level.
The next support is now near the $102,800 area. Any more losses could lead the price towards the $100,500 support in the near term.
Technical indicators:
Hourly MACD – MACD is now gaining speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $104,500, then $103,500.
Key resistance levels – $107,000 and $108,500.