Bitcoin prices have begun a new increase beyond the $107,500 zone. BTC is currently consolidated and could struggle to continue to surpass the $110,000 resistance.
- Bitcoin has begun a new increase beyond the $108,500 zone.
- The price is traded above $108,000, with a simple moving average every 100 hours.
- A short-term ascent channel with support of $109,500 is formed on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could begin a new increase if they are above the $107,850 zone.
Bitcoin Prices Consolidate Profits
Bitcoin prices began a new increase after exceeding $105,500 resistance. BTC has begun a decent increase, clearing many hurdles of nearly $107,000.
The Bulls pushed positive zone prices above the $108,000 level. Before the bears appeared, prices surged beyond the $110,000 level. The highs formed near $110,578, and the price currently combines profits close to the rising level of the FIB retracement level of 23.6%, from a swing of $105,116 to a height of $110,578.
Bitcoin is currently trading over $108,000 and trades a simple moving average of 100 hours. What's more, the BTC/USD pair hourly wage chart forms a short-term ascent channel with $109,500 support.
The advantage is that immediate resistance is close to the $110,000 level. The first important resistance is close to the $110,500 level. 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 $113,200 level.
BTC defect correction?
If Bitcoin does not rise above the $110,000 resistance zone, it could begin another decline. Immediate support is close to the $109,500 level and channel trendline. The first major support is close to the $108,800 level.
The next support is currently close to the $107,850 zone, with a 50% FIB retracement level of upward movement from a $105,116 swing to $110,578. Any further losses could send the price to $106,400 in the short term. The main support is $105,000 and could continue to decline below BTC.
Technical indicators:
HOURLY MACD – MACD is currently losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – BTC/USD's RSI is above 50 levels.
Key support levels – $108,800, then $107,850.
Major resistance levels – $110,000 and $110,500.
