Bitcoin prices have started a new surge than the $102,500 zone. BTC has now revised its profits and is below the $103,500 resistance zone.
- Bitcoin has begun a significant increase beyond its $102,500 resistance zone.
- The price is below $104,000 and trades a simple 100-hour moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), the break below the bullish trendline for new connections with support was $103,900.
- The pair may start another increase once they clear the $103,500 zone.
Bitcoin price fixes some profits
Bitcoin prices have started a new increase from the $98,500 support zone. The BTC formed the base and managed to clear the $100,000 resistance zone. The Bulls even pushed up prices above $103,000.
The pair spiked over $105,500 and tested $105,800. The high was formed at $105,728, and the price is currently correcting profits. There was a move below the 23.6% FIB retracement level from a $95,825 swing to $105,728.
On the hourly wage chart for the BTC/USD pair, it was under the bullish trendline for the new connections at $103,900. Bitcoin is currently below $104,500 and trades a simple moving average every 100 hours.
However, the Bulls are currently operating near $100,800 support, protecting a 50% FIB retracement level for upward movements up to $105,728, a low swing of $95,825. The advantage is that immediate resistance is close to the $103,500 level. The first important resistance is close to the $104,000 level.
The next important resistance could be $105,000. Over $105,000 resistance could lead to even higher prices. If stated, the price could rise and test resistance levels of $106,000. Any further profit could potentially send the price towards the $108,000 level.
More losses in BTC?
If Bitcoin does not rise beyond the $103,500 resistance zone, it may begin another shortcoming correction. Instant support on the downside is close to the $101,500 level. The first major support is close to the $100,800 level.
The following support is located near the $100,000 zone: Any further losses could send prices towards $98,800 in the short term. The main support is $97,500.
Technical indicators:
HOURLY MACD – MACD is currently losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is below 50 level.
Key support levels – $101,500, $100,800.
Major resistance levels – $103,500 and $105,000.
