Bitcoin price is showing positive signs above $115,000. BTC is now consolidating and might rise further if it clears the $116,500 resistance zone.
Bitcoin started a fresh increase above the $115,000 zone.
The price is trading near $115,000 and the 100 hourly Simple moving average.
There is a bearish trend line forming with resistance at $116,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might start another increase if it clears the $116,200 zone.
Bitcoin Price Holds Gains
Bitcoin price started a fresh upward wave above the $112,500 zone. BTC managed to climb above the $113,500 and $114,200 resistance levels.
The bulls were able to push the price above $115,000 and $116,000. The price traded as high as $116,743 and recently started a consolidation phase. There was a minor decline below $116,000. The price even spiked below the 23.6% Fib retracement level of the recent move from the $110,815 swing low to the $116,743 high.
Bitcoin is now trading near $115,000 and the 100 hourly Simple moving average. Besides, there is a bearish trend line forming with resistance at $116,000 on the hourly chart of the BTC/USD pair.
Immediate resistance on the upside is near the $116,000 level. The first key resistance is near the $116,200 level. The next resistance could be $116,750. A close above the $116,750 resistance might send the price further higher. In the stated case, the price could rise and test the $117,500 resistance level. Any more gains might send the price toward the $118,500 level. The next barrier for the bulls could be $118,800.
Another Drop In BTC?
If Bitcoin fails to rise above the $116,200 resistance zone, it could start a fresh decline. Immediate support is near the $114,900 level. The first major support is near the $113,750 level or the 50% Fib level of the recent move from the $110,815 swing low to the $116,743 high.
The next support is now near the $113,000 zone. Any more losses might send the price toward the $112,500 support in the near term. The main support sits at $110,500, below which BTC might decline sharply.
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 below the 50 level.
Major Support Levels – $115,000, followed by $113,750.
Major Resistance Levels – $116,200 and $116,500.
