Bitcoin prices began a new increase, trading at a new all-time high above the $111,500 zone. BTC is currently integrated and may be aiming to increase to $113,200
- Bitcoin has begun a new upward move from the $108,000 zone.
- The price is traded above $108,000, with a simple moving average every 100 hours.
- The hourly chart of the BTC/USD pair (data feed from Kraken) has $110,000 in support, forming a major bullish trend line.
- The pair can gain bullish momentum once they clear their $112,000 resistance.
Bitcoin price sets new ATH
Bitcoin prices have started a new increase from the $105,000 support zone. The BTC formed the base and managed to clear the $108,000 resistance zone. The Bulls have priced over $110,000.
The Bulls even pumped out prices beyond the $111,500 resistance zone. The price is trading at a new all-time high of nearly $111,980, and currently consolidates profits above the 23.6% FIB retracement level for an upward movement of $111,980, a swing low of $104,270.
Bitcoin is currently trading over $109,000 and trades a simple moving average every 100 hours. There is also a key bullish trend line with $110,000 in support on the hourly chart of the BTC/USD pair.
The advantage is that immediate resistance is close to the $112,000 level. The first important resistance is close to the $112,500 level. The next important resistance could be $113,200. Over $113,200 resistance could lead to even higher prices. If stated, the price could rise and test resistance levels of $115,000. Any further profit could potentially send the price towards the $118,000 level.
Is dip supported in BTC?
If Bitcoin cannot rise above the $112,000 resistance zone, it may begin another fix. Instant support on the downside is close to the $110,000 level and trendline. The initial major support is close to the $108,200 level, with a 50% FIB retracement level upwards from $104,270 Swing Low to $111,980.
The following support is located near the $107,200 zone: Any further losses could send the price to $106,000 in the short term. The main support is $105,000, and below BTC you could potentially gain bearish momentum.
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 – $110,000, then $108,200.
Major resistance levels – $112,000 and $113,200.
