Consolidation or Calm Earlier than the Subsequent Transfer?

Bitcoin value settled above the $100,500 resistance zone. BTC is consolidating good points and would possibly goal for a recent improve above the $105,000 zone.

Bitcoin began a draw back correction from the $106,800 zone.
The worth is buying and selling under $104,000 and the 100 hourly Easy transferring common.
There’s a connecting bullish pattern line forming with help at $102,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
The pair might begin one other improve if it stays above the $102,000 help zone.

Bitcoin Worth Eyes Recent Improve

Bitcoin value began a good upward transfer above the $104,500 zone. BTC was capable of climb above the $105,500 and $106,000 ranges.

The bulls even pushed the worth above the $106,500 degree. Nevertheless, the bears had been lively close to the $106,800 zone. A excessive was shaped at $106,833 and the worth is now correcting good points. There was a transfer under the $105,000 degree.

There was a transfer under the 50% Fib retracement degree of the upward transfer from the $101,281 swing low to the $106,833 excessive. Bitcoin value is now buying and selling under $104,000 and the 100 hourly Easy transferring common. There’s additionally a connecting bullish pattern line forming with help at $102,000 on the hourly chart of the BTC/USD pair.

On the upside, quick resistance is close to the $104,000 degree. The primary key resistance is close to the $105,500 degree. A transparent transfer above the $105,500 resistance would possibly ship the worth increased. The following key resistance could possibly be $106,800.

A detailed above the $106,800 resistance would possibly ship the worth additional increased. Within the said case, the worth might rise and check the $108,200 resistance degree and a brand new all-time excessive. Any extra good points would possibly ship the worth towards the $110,000 degree.

Extra Losses In BTC?

If Bitcoin fails to rise above the $104,500 resistance zone, it might begin a draw back correction. Rapid help on the draw back is close to the $102,500 degree or the 76.4% Fib retracement degree of the upward transfer from the $101,281 swing low to the $106,833 excessive. The primary main help is close to the $101,250 degree.

The following help is now close to the $100,500 zone. Any extra losses would possibly ship the worth towards the $88,500 help within the close to time period.

Technical indicators:

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

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

Main Assist Ranges – $102,500, adopted by $101,250.

Main Resistance Ranges – $104,500 and $105,500.