Take a look at this Bitcoin price level, while the cryptocurrency rejected $ 100,000

Bitcoin (BTCUSD) stays in the spotlight on Friday after he has increased over the precise $ 100,000 level on Thursday since the beginning of February.

The Legacy cryptocurrency gathered together with shares after President Donald Trump announced that the United States had a trade agreement with Great Britain. The president also said that further business could be on the road and were optimistic about trade talks with China, which should take place this weekend.

Bitcoin's price had dropped greatly between February and April and was burdened by uncertainty about tariffs and its potential effects on the economy and disappointment with the pace of the reforms of the Trump government to support the crypto industry. With the latest increase, Bitcoin is almost 40% above the low and an increase of 10% of the last month from the beginning of the year.

Bitcoin acted at $ 102,700 on Thursday evening, compared to an intraday low of around 96,000 US dollars.

In the following we take a closer look at Bitcoin's diagram and apply technical analyzes to determine important price levels that are worth observing.

Record high in sight

After Bitcoin had reclaimed the 200-day moving average (MA) last month, he acted within a strong outbreak of $ 100,000 within a narrow consolidation period before today's strong outbreak. The step prepares the stage for a potential repetition of the record high of the cryptocurrency at 109,000 US dollars at the end of January.

In the meantime, the relative starching index confirms the Bullish Price impulse with a reading over the 70 threshold, although the indicator also warns over-chewed conditions that could lead to short-term profit companies.

It is important to note that the commercial volumes against coinbase (coin), the largest crypto exchange in the USA, has decreased since the beginning of the Bitcoin change in early April, which indicates that larger market participants may suspend the current rally.

Let us identify two decisive overhead areas in Bitcoin diagram that is worth observing and at the same time find the most important support levels to monitor.

Overhead areas that are worth observed to be observed

The first overhead area that can be seen is around 107,000 US dollars. This place will probably attract considerable attention near the prominent December and January summit, which marks a double top pattern on the table.

Investors can predict an overhead area that is observed over the record of the cryptocurrency about the patterns of the beams using balken pattern analyzes.

To apply this technology, we take the price rods with Bitcoin's Move higher, which preceded the recent consolidation period, and reposition them from today's outbreak. The analysis projects a potential upward destination of around 120,000 US dollars, assuming that a continuation of the move has an effect.

To monitor main support levels

In the short term profit support, the price of the cryptocurrency could visit the level of $ 100,000 again. According to today's outbreak above this most important psychological area, the region can deal with previous resistance to future support.

However, the inability of bulls to successfully defend this level could trigger a stronger trial rate of the Bitcoin price to 92,000 US dollars. This region finds a confluence of the support of the nearby 200-day-MA and a trend line that combines a number of corresponding trading activities on the diagram that extends by the end of November last year.

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Until the date on which this article was written, the author has none of the above securities.