Bitcoin Trades Sideways — Consolidation Above Support Could Fuel Next Upside

Bitcoin price is consolidating gains above $113,500. BTC could rise further if there is a clear move above the $115,750 ￰0￱ started a fresh upward move above the $114,000 resistance ￰1￱ price is trading above $114,200 and the 100 hourly Simple moving ￰2￱ is a bullish trend line forming with support at $113,900 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 $115,750 ￰3￱ Price Starts Consolidation Bitcoin price formed a base and started a fresh increase above the $112,500 ￰4￱ gained pace for a move above the main hurdle at $113,500. It opened the doors for a move above $115,000 and the 100 hourly Simple moving average.

Finally, the price spiked above $116,000 and is currently consolidating gains above the 23.6% Fib retracement level of the recent wave from the $106,718 swing low to the $116,309 high. Besides, there is a bullish trend line forming with support at $113,900 on the hourly chart of the BTC/USD ￰5￱ is now trading above $114,000 and the 100 hourly Simple moving ￰6￱ resistance on the upside is near the $115,000 ￰7￱ first key resistance is near the $115,500 ￰8￱ next resistance could be $115,750. A close above the $115,750 resistance might send the price further ￰9￱ the stated case, the price could rise and test the $116,300 ￰10￱ more gains might send the price toward the $117,500 ￰11￱ next barrier for the bulls could be $118,000.

Another Pullback In BTC? If Bitcoin fails to rise above the $115,500 resistance zone, it could start a fresh ￰12￱ support is near the $114,000 ￰13￱ first major support is near the $113,500 level or the trend ￰14￱ next support is now near the $111,000 ￰15￱ more losses might send the price toward the $110,500 support in the near ￰16￱ main support sits at $108,500, below which BTC might struggle to recover in the short ￰17￱ indicators: Hourly MACD – The MACD is now gaining pace in the bullish ￰18￱ RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 ￰19￱ Support Levels – $114,000, followed by $113,500. Major Resistance Levels – $115,500 and $116,500.