Bitcoin prices show positive signs above $115,000. BTC is currently integrated and could potentially increase further once you clear the $116,500 resistance zone.
Bitcoin has begun a new increase beyond the $115,000 zone. It trades a simple moving average of 100 hours, with a price of nearly $115,000. On the hourly chart of the BTC/USD pair (data feed from Kraken), there is a bearish trend line where resistance forms at $116,000. Clearing the $116,200 zone could cause the pair to start another increase.
Bitcoin prices hold profit
Bitcoin prices have started a fresh upward wave that surpasses the $112,500 zone. The BTC was able to rise above the $113,500 and $114,200 resistance levels.
The Bulls managed to exceed $115,000 and $116,000 in prices. The price reached $116,743 and recently began the integration phase. There was a slight decline of less than $116,000. Prices are below the 23.6% FIB retracement level from the recent $110,815 swing to $116,743.
Bitcoin currently trades a simple moving average every 100 hours for nearly $115,000. What’s more, the hourly wage chart for the BTC/USD pair is reluctant at $116,000, creating a tolerable trend line.
Immediate resistance is close to the $116,000 level. The first important resistance is close to the $116,200 level. The next resistance could be $116,750. Over the $116,750 resistance could lead to even higher prices. If stated, the price may test a resistance level of $117,500. Any further profit could potentially send the price towards the $118,500 level. The Bulls’ next barrier could be $118,800.
Another drop in BTC?
If Bitcoin cannot rise above the $116,200 resistance zone, it could begin a new decline. Immediate support is close to the $114,900 level. The first major support is close to the $113,750 level or a 50% FIB level from the recent $110,815 Swing Low to $116,743.
The following support is located near the $113,000 zone: Any further losses could send the price to $112,500 in the short term. The main support is $110,500, and BTC could drop sharply.
Technical indicators:
HOURLY MACD – MACD is currently losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is below 50 level.
Key support levels – $115,000, followed by $113,750.
Major resistance levels – $116,200 and $116,500.
