Bitcoin Price Action Strong – Can Bulls Maintain Momentum?

Bitcoin worth is exhibiting optimistic indicators above $114,500. BTC is now consolidating and would possibly rise additional if it clears the $116,200 resistance zone.

• Bitcoin began a contemporary improve above the $114,200 zone.
• The value is buying and selling beneath $115,000 and the 100 hourly Easy transferring common.
• There’s a bullish development line forming with help at $115,000 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair would possibly begin one other improve if it clears the $116,200 zone.

Bitcoin Value Positive aspects Traction

Bitcoin worth began a contemporary restoration wave from the $111,200 zone. BTC managed to climb above the $112,500 and $113,500 resistance ranges.

The bulls have been in a position to push the worth above $114,000 and $115,000. The value traded as excessive as $116,298 and just lately began a consolidation section. There was a minor decline beneath $115,800, however the worth remains to be above the 23.6% Fib retracement degree of the current transfer from the $110,815 swing low to the $116,298 excessive.

Bitcoin is now buying and selling above $114,500 and the 100 hourly Easy transferring common. Moreover, there’s a bullish development line forming with help at $115,000 on the hourly chart of the BTC/USD pair.

Speedy resistance on the upside is close to the $116,000 degree. The primary key resistance is close to the $116,200 degree. The following resistance might be $116,800. An in depth above the $116,800 resistance would possibly ship the worth additional increased. Within the acknowledged case, the worth may rise and take a look at the $117,500 resistance degree. Any extra features would possibly ship the worth towards the $118,400 degree. The following barrier for the bulls might be $118,800.

One other Decline In BTC?

If Bitcoin fails to rise above the $116,200 resistance zone, it may begin a contemporary decline. Speedy help is close to the $115,000 degree and the development line zone. The primary main help is close to the $113,550 degree or the 50% Fib retracement degree of the current transfer from the $110,815 swing low to the $116,298 excessive.

The following help is now close to the $113,000 zone. Any extra losses would possibly ship the worth towards the $112,500 help within the close to time period. The principle help sits at $110,500, beneath which BTC would possibly decline sharply.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bullish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now above the 50 degree.

Main Assist Ranges – $115,000, adopted by $113,500.

Main Resistance Ranges – $116,000 and $116,200.