Bitcoin Price Inches Toward All-Time High — Can Momentum Finish the Job?

Bitcoin worth began a recent improve and cleared the $105,500 zone. BTC is now consolidating and would possibly intention for one more improve towards $108,000

Bitcoin began a recent upward transfer from the $102,500 zone.
The worth is buying and selling above $103,500 and the 100 hourly Easy transferring common.
There’s a key bullish pattern line forming with help at $104,200 on the hourly chart of the BTC/USD pair (information feed from Kraken).
The pair may achieve bullish momentum if it clears the $106,000 resistance.

Bitcoin Value Extends Positive aspects

Bitcoin worth began a recent improve from the $102,500 help zone. BTC fashioned a base and was in a position to clear the $103,500 resistance zone. The bulls even pushed the worth above $104,200.

The bulls even pumped the worth above $105,000. A excessive was fashioned at $107,042 and the worth is now correcting features. There was a transfer beneath the $105,500 stage. The worth dipped beneath the 50% Fib retracement stage of the upward transfer from the $103,346 swing low to the $107,042 excessive.

Nevertheless, it’s steady above $104,000. There’s additionally a key bullish pattern line forming with help at $104,200 on the hourly chart of the BTC/USD pair. Bitcoin is now buying and selling above $104,500 and the 100 hourly Easy transferring common.

On the upside, quick resistance is close to the $105,500 stage. The primary key resistance is close to the $106,000 stage. The subsequent key resistance may very well be $107,500. An in depth above the $107,500 resistance would possibly ship the worth additional increased. Within the acknowledged case, the worth may rise and check the $108,800 resistance stage. Any extra features would possibly ship the worth towards the $110,000 stage and a brand new all-time excessive.

One other Decline In BTC?

If Bitcoin fails to rise above the $105,500 resistance zone, it may begin one other correction. Fast help on the draw back is close to the $104,500 stage. The primary main help is close to the $104,200 stage and the pattern line.

The subsequent help is now close to the $103,500 zone. Any extra losses would possibly ship the worth towards the $102,200 help within the close to time period. The principle help sits at $100,500, beneath which BTC would possibly achieve bearish momentum.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bullish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now above the 50 stage.

Main Help Ranges – $104,200, adopted by $103,500.

Main Resistance Ranges – $105,500 and $106,000.