Bitcoin Price Corrects, Yet Support Zones Keep Bulls in Play

Bitcoin price started another increase above the $106,000 resistance zone. BTC traded to a new all-time high above $108,000 and is currently correcting gains. Bitcoin started a fresh surge above the $106,000 zone. The price is trading above $105,000 and the 100 hourly Simple moving average. There was a break below a key bullish trend line with support at $106,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase if it stays above the $103,750 support zone. Bitcoin Price Remains In Uptrend Bitcoin price formed a base and started a fresh increase above the $103,500 zone. There was a move above the $104,000 and $105,000 levels. The price even cleared the $106,000 level. A new all-time high was formed at $108,297 and the price is now correcting gains. There was a minor decline below the 23.6% Fib retracement level of the recent wave from the $99,250 swing low to the $108,297 high. There was a break below a key bullish trend line with support at $106,000 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $105,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $106,200 level. The first key resistance is near the $107,750 level. A clear move above the $107,750 resistance might send the price higher. The next key resistance could be $108,250. A close above the $108,250 resistance might send the price further higher. In the stated case, the price could rise and test the $112,000 resistance level. Any more gains might send the price toward the $115,000 level. More Downsides In BTC? If Bitcoin fails to rise above the $106,200 resistance zone, it could continue to move down. Immediate support on the downside is near the $105,000 level. The first major support is near the $103,750 level or the 50% Fib retracement level of the recent wave from the $99,250 swing low to the $108,297 high. The next support is now near the $102,200 zone. Any more losses might send the price toward the $100,500 support in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $105,000, followed by $103,750. Major Resistance Levels – $106,200, and $108,250.