Bitcoin Smashes Past $118K – Is Stronger Bullish Momentum Now Set To Begin?

Bitcoin price started a strong increase and traded above $118,000. BTC is now consolidating gains and might correct some points in the short ￰0￱ started a major increase above the $116,500 ￰1￱ price is trading above $117,000 and the 100 hourly Simple moving ￰2￱ is a short-term bullish trend line forming with support at $117,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might continue to move up if it clears the $119,500 ￰3￱ Price Starts Fresh Surge Bitcoin price managed to stay above the $115,000 zone and started a fresh ￰4￱ settled above the $115,500 resistance zone to start the current ￰5￱ bulls were able to pump the price above the $117,000 and $118,000 ￰6￱ bulls even cleared the $118,800 level.

A high was formed at $119,453 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $112,806 swing low to the $119,453 ￰7￱ is now trading above $117,000 and the 100 hourly Simple moving average . Besides, there is a short-term bullish trend line forming with support at $117,000 on the hourly chart of the BTC/USD ￰8￱ resistance on the upside is near the $119,000 ￰9￱ first key resistance is near the $119,250 ￰10￱ next resistance could be $119,500. A close above the $119,500 resistance might send the price further ￰11￱ the stated case, the price could rise and test the $120,500 ￰12￱ more gains might send the price toward the $122,500 ￰13￱ next barrier for the bulls could be $123,00.

Pullback In BTC? If Bitcoin fails to rise above the $119,500 resistance zone, it could start a fresh ￰14￱ support is near the $117,000 level and the trend ￰15￱ first major support is near the $116,150 ￰16￱ next support is now near the $115,500 ￰17￱ more losses might send the price toward the $114,000 support in the near ￰18￱ main support sits at $113,500, 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 – $117,000, followed by $116,150. Major Resistance Levels – $119,500 and $120,500.