Bitcoin prices have started a new surge beyond the $100,000 zone. BTC is rising and could be aiming to move towards a $105,000 resistance.
- Bitcoin has begun a significant increase beyond its $98,500 resistance zone.
- The price is traded above $100,500, and is a simple moving average every 100 hours.
- An hourly chart of the BTC/USD pair (data feed from Kraken) forms a bullish trendline for new connections with $102,000 support.
- The pair may start another increase once they clear the $104,200 zone.
Bitcoin prices rise more than 8%
Bitcoin prices have begun a new increase from the $95,500 support zone. The BTC formed the base and managed to clear the $98,000 resistance zone. The Bulls even went above $100,000 in price.
The pair spiked over $103,500 and tested $104,200. The high was formed at $104,082, and the price currently combines profits above the 23.6% FIB retracement level of upward movement from a swing of $95,824 to a height of $104,082.
Bitcoin is currently trading over $100,500 and trades a simple moving average every 100 hours. It also forms a bullish trendline for new connections with $102,000 support on the hourly chart of the BTC/USD pair.
The advantage is that immediate resistance is close to the $103,500 level. The first important resistance is close to the $104,500 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 $106,500. Any further profit could potentially send the price towards the $108,000 level.
Is dip supported 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 $102,200 level. The first major support is close to the $100,000 level, with a 50% FIB retracement level upwards from Swing Low of $95,824 to $104,082.
The following support is located near the $98,800 zone: Any further losses could send prices towards $97,500 in the short term. The main support is $96,200.
Technical indicators:
HOURLY MACD – MACD is currently increasing its pace in the bullish zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is above 50 levels.
Key support levels – $102,200, then $100,000.
Major resistance levels – $104,200 and $105,000.
