Bitcoin Price Coiling Up — Is a Surge Past $110K on Deck?
Above $107,500, bitcoin price rose again. BTC is consolidating and may struggle over $110,000.
Bitcoin rose beyond $108,500 again.
The price is over $108,000 and the 100-hour SMA.
The hourly BTC/USD chart shows a short-term ascending channel with support near $109,500.
If it remains over $107,850, the pair may rise again.
Bitcoin Price Gains Consolidate
Bitcoin price rose after breaking $105,500 barrier. BTC started rising around $107,000 after clearing various obstacles.
Bullish pressure kept prices over $108,000. Before bears emerged, price surged past $110,000. The price made a high above $110,578 and is consolidating gains near the 23.6% Fib retracement line of the upward advance from $105,116 swing low to high.
Bitcoin is over $108,000 and the 100-hour SMA. The hourly BTC/USD chart shows a short-term ascending channel with support near $109,500.
Near $110,000 is immediate upward resistance. First major resistance is at $110,500. A close above $110,500 barrier might boost prices. If the price rises, it may challenge $112,000 barrier. More advances might push the price beyond $113,200.
BTC Downside Correction?
Bitcoin may fall again if it fails to break $110,000. Support is between $109,500 and the channel trend line. Near $108,800 is the first substantial support.
The next support is approaching $107,850, the 50% Fib retracement level of the rise from $105,116 swing low to $110,578 high. More losses might push the price toward $106,400. BTC may continue to fall below $105,000, the primary support.
The technical indications
Hourly MACD - MACD is falling in the positive zone.
Relative Strength Index hourly BTC/USD RSI is over 50.
Major Support Levels: $108,800, $107,850.
Major Resistance Levels: $110,000, $110,500.
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