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The price of Bitcoin has started a new increase and tested the $ 108,800 area. BTC is struggling to increase further and is correcting the lower earnings to $ 108,000.
- Bitcoin has started a new increase above the $ 107,000 area.
- The price is exchanged over $ 106,800 and the simple 100 -hour mobile average.
- There was a break below a bullish trend line with $ 107,800 support on the time graphic of the BTC/USD couple (data feed from Kraken).
- The torque could start a new increase if it remains above the $ 105,500 area.
The price of Bitcoin begins a new increase
The Bitcoin price started a new increase from the support area of $ 104,500. BTC has risen above $ 105,500 and $ 106,200 levels to enter a positive area.
The price is even skipped above the resistance of $ 108,000. However, bears remained active among the growing fears of the global conflict. A maximum was formed at $ 108,898 and the price is correcting the earnings. There was a transition below the level of $ 108,000. The price dropped below the FIB retracement level of 23.6% of the move upwards from the swing of $ 104,529 to the bottom up to the maximum of $ 108,898.
In addition, there was a break below a bullish trend line with $ 107,800 support on the time graphic of the BTC/USD couple. Bitcoin is now exchanged over $ 106,800 and the simple 100 -hour mobile average.
On the positive side, the immediate resistance is close to the level of $ 107,600. The first key resistance is close to the $ 108,000 level. The next resistance to the key could be $ 108,800. A closure above the $ 108,800 resistance could send the price higher. In the declared case, the price could increase and test the level of resistance by $ 110,000. Other earnings may send the price to the level of $ 112,000.
Other losses in BTC?
If Bitcoin is unable to overcome the resistance area of $ 108,000, another decline could start. The immediate support is close to the level of $ 106,700 and the FIB retracing level of 50% of the move upwards from the swing of $ 104,529 per bottom up to the maximum of $ 108,898. The first important support is close to the $ 106,200 level.
The next support is now close to the $ 105,500 area. Other losses may send the price to the support of $ 103,500 in the short term. The main support is located at $ 102,000, below which BTC could earn a bearish momentum.
Technical indicators:
MACD TIME – The MacD is now gaining rhythm in the bearish area.
Tempo RSI (relative resistance index) – The RSI for BTC/USD is now close to level 50.
The main support levels – $ 106,700, followed by $ 105,500.
The main resistance levels – $ 107,600 and $ 108,000.