Bitcoin Accelerates Higher As Bulls Target Break Above $115,500 Resistance

Bitcoin price is attempting to recover above $113,500. BTC could rise further if there is a clear move above the $115,500 ￰0￱ started a fresh recovery wave above the $113,500 resistance ￰1￱ price is trading above $114,000 and the 100 hourly Simple moving ￰2￱ is a bullish trend line forming with support at $113,350 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might continue to move up if it trades above the $115,500 ￰3￱ Price Starts Fresh Increase Bitcoin price declined again below the $108,000 ￰4￱ tested the $106,720 zone and recently started a fresh ￰5￱ was a move above the $112,000 resistance ￰6￱ bulls were able to pump the price above $113,500 and the 100 hourly Simple moving average .

Finally, the price spiked above $115,000 and is currently consolidating gains above the 23.6% Fib retracement level of the recent wave from the $106,718 swing low to the $115,400 high. Besides, there is a bullish trend line forming with support at $113,350 on the hourly chart of the BTC/USD ￰7￱ is now trading above $114,000 and the 100 hourly Simple moving ￰8￱ resistance on the upside is near the $115,250 ￰9￱ first key resistance is near the $115,500 ￰10￱ next resistance could be $116,200. A close above the $116,200 resistance might send the price further ￰11￱ the stated case, the price could rise and test the $117,000 ￰12￱ more gains might send the price toward the $118,000 ￰13￱ next barrier for the bulls could be $118,800.

Another Pullback In BTC? If Bitcoin fails to rise above the $115,500 resistance zone, it could start a fresh ￰14￱ support is near the $114,000 ￰15￱ first major support is near the $113,500 level or the trend ￰16￱ next support is now near the $111,000 ￰17￱ more losses might send the price toward the $110,500 support in the near ￰18￱ main support sits at $108,500, below which BTC might struggle to recover in the short ￰19￱ indicators: Hourly MACD – The MACD is now gaining pace in the bullish ￰20￱ RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 ￰21￱ Support Levels – $114,000, followed by $113,500. Major Resistance Levels – $115,500 and $116,500.