Bitcoin Price Action Strong – Can Bulls Maintain Momentum?

Bitcoin price is showing positive signs above $114,500. BTC is now consolidating and might rise further if it clears the $116,200 resistance ￰0￱ started a fresh increase above the $114,200 ￰1￱ price is trading below $115,000 and the 100 hourly Simple moving ￰2￱ is a bullish trend line forming with support at $115,000 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 ￰3￱ Price Gains Traction Bitcoin price started a fresh recovery wave from the $111,200 ￰4￱ managed to climb above the $112,500 and $113,500 resistance ￰5￱ bulls were able to push the price above $114,000 and $115,000.

The price traded as high as $116,298 and recently started a consolidation ￰6￱ was a minor decline below $115,800, but the price is still above the 23.6% Fib retracement level of the recent move from the $110,815 swing low to the $116,298 ￰7￱ is now trading above $114,500 and the 100 hourly Simple moving average . Besides, there is a bullish trend line forming with support at $115,000 on the hourly chart of the BTC/USD ￰8￱ resistance on the upside is near the $116,000 ￰9￱ first key resistance is near the $116,200 ￰10￱ next resistance could be $116,800. A close above the $116,800 resistance might send the price further ￰11￱ the stated case, the price could rise and test the $117,500 resistance ￰12￱ more gains might send the price toward the $118,400 ￰13￱ next barrier for the bulls could be $118,800.

Another Decline In BTC? If Bitcoin fails to rise above the $116,200 resistance zone, it could start a fresh ￰14￱ support is near the $115,000 level and the trend line ￰15￱ first major support is near the $113,550 level or the 50% Fib retracement level of the recent move from the $110,815 swing low to the $116,298 ￰16￱ next support is now near the $113,000 ￰17￱ more losses might send the price toward the $112,500 support in the near ￰18￱ main support sits at $110,500, below which BTC might decline ￰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 – $115,000, followed by $113,500.

Major Resistance Levels – $116,000 and $116,200.