Expected Bitcoin Movement

Bitcoin has begun to rebound

after reaching the daily demand zone

which was located at the $102,942 level.

The currency has since risen and is currently trading near the $106,315 level.

The current upward movement is expected to continue

if it breaks through the supply zone

 and closes above it with an hourly candle.

Expected Targets

If the breakout and close occur, the price is expected to rise to the targets

identified on the chart, which are at the $109,100 and $111,000 levels.

If the price falls back and closes below the supply zone

for two consecutive hourly candles,

the expected upward movement will fail, 

and we may see a retest of the daily demand zone.