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Bitcoin Price began a new increase above the $ 108,000 area. BTC now consolidates the gains and could target a decision more than $ 110,750
- Bitcoin began a new upward movement above the $ 108,000 area.
- The price is negotiated over $ 108,000 and the single mobile average of 100 hours.
- There is an upward connection line line that forms with support at $ 108,800 on the time graph of the BTC / USD pair (Kraken data flow).
- The pair could take a bullish momentum if it erases the resistance of $ 110,750.
Bitcoin Price consolidates gains
Bitcoin Price found a support near the $ 107,400 zone and recently started to increase. BTC exchanged above the resistance levels of $ 108,000 and $ 108,500.
The price has even increased above the resistance area by $ 110,000. However, bears were active near the level of $ 110,750. There was a downward correction and the price exchanged below the level of $ 110,000. The price fell below the FIB retracement level at 50% of the recent movement from the bottom of $ 107,600 at a low level of $ 110,742.
Bitcoin is now traded over $ 108,000 and the single mobile average of 100 hours. There is also a connected upward trend line forming with a support at $ 108,800 on the time table of the BTC / USD pair.
Uplining, immediate resistance is close to the level of $ 110,000. The first resistance of the keys is close to the level of $ 110,750. The next keys could be $ 111,800. A closing greater than the resistance of $ 111,800 could send the higher price. In the indicated case, the price could increase and test the resistance level by $ 113,000. Other gains could send the price at $ 115,000.
Another drop in BTC?
If Bitcoin does not exceed the resistance zone of $ 110,750, it could start another correction. Immediate support on is close to the level of $ 108,500. The first major medium is close to the level of $ 108,350 and the FIB level of 76.4% of the recent swing decision of $ 107,600 at a level of $ 110,742.
The next support is now close to the $ 107,850 area. Other losses could send the price to the support of $ 106,500 in the short term. The main support is at $ 105,000, below which BTC could take a downward dynamic.
Technical indicators:
MacD Schedule – The MacD is now losing a rhythm in the Haussier zone.
Schedule RSI (Relative force index) – The RSI for BTC / USD is now lower than level 50.
Major support levels – $ 108,500, followed by $ 107,500.
Major resistance levels – $ 110,000 and $ 110,750.
