#Bitcoin Uptrend Holds Firm — Breakout Extension in Sight
Above $107,500, bitcoin price rose again. BTC is stabilizing and may break $108,800 resistance.
Bitcoin rose beyond $107,500 again.
The price is over $107,500 and the 100-hour SMA.
The hourly BTC/USD chart shows a bullish trend line with support at $107,600.
If it remains over $106,500, the pair may rise again.
Bitcoin Price Expects Growth
Above $105,000, bitcoin price rose again. BTC gained momentum and crossed $105,500 and $106,500 to reach a bullish zone.
Bulls broke $107,500 resistance and challenged $108,800. Price is consolidating gains above the 23.6% Fib retracement line of the upward run from the $106,477 swing low to the $108,792 high.
Bitcoin is over $107,000 and the 100-hour SMA. The hourly BTC/USD chart shows a bullish trend line with support at $107,600.
Near $109,800 is immediate upward resistance. First major resistance is at $109,200. A closing above $109,200 barrier might boost prices. If the price rises, it may challenge $110,000 resistance. More advances might push the price beyond $112,000.
BTC Downside Correction?
Bitcoin may fall again if it fails to break $108,800. Near $107,800 is immediate support. First big support is between $107,500 and the trend line.
The next support is at $107,200, the 61.8% Fib retracement level of the rise from $106,477 swing low to $108,792 high. More losses might push the price toward $106,500. BTC may go below $105,500, the primary support.
The technical indications
The MACD is rising in the positive zone.
Relative Strength Index hourly BTC/USD RSI is over 50.
Major Support Levels: $107,500, $107,200.
Major resistance levels: $108,800, $110,000.
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