Bitcoin Price Resumes Upward Move — Can It Break New Highs?

Bitcoin value began a recent improve above the $108,500 zone. BTC is now consolidating and may purpose for extra features above the $110,000 resistance.

• Bitcoin began a recent improve above the $108,500 zone.
• The value is buying and selling above $108,500 and the 100 hourly Easy transferring common.
• There was a break above a key bearish development line with resistance at $109,350 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might begin a recent improve if it stays above the $108,350 zone.

Bitcoin Value Eyes Extra Features

Bitcoin value began a recent improve after it settled above the $107,500 resistance. BTC cleared many hurdles close to $108,000 to begin a good improve.

The bulls pushed the worth in a constructive zone above the $108,500 stage. The value gained tempo for a transfer above the 50% Fib retracement stage of the downward transfer from the $110,515 swing excessive to the $107,299 low. In addition to, there was a break above a key bearish development line with resistance at $109,350 on the hourly chart of the BTC/USD pair.

Bitcoin is now buying and selling above $108,500 and the 100 hourly Easy transferring common. On the upside, speedy resistance is close to the $109,750 stage. It’s near the 76.4% Fib retracement stage of the downward transfer from the $110,515 swing excessive to the $107,299 low.

The primary key resistance is close to the $110,000 stage. An in depth above the $110,000 resistance may ship the worth additional greater. Within the said case, the worth might rise and take a look at the $112,000 resistance stage. Any extra features may ship the worth towards the $113,200 stage. The principle goal might be $115,000.

Draw back Correction In BTC?

If Bitcoin fails to rise above the $110,000 resistance zone, it might begin one other decline. Fast help is close to the $108,800 stage. The primary main help is close to the $108,350 stage.

The following help is now close to the $107,250 zone. Any extra losses may ship the worth towards the $106,400 help within the close to time period. The principle help sits at $105,000, under which BTC may proceed to maneuver down.

Technical indicators:

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

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

Main Assist Ranges – $108,800, adopted by $108,350.

Main Resistance Ranges – $110,000 and $110,500.