Bitcoin prices exceed $116,200. BTC is currently consolidated and could gain bullish momentum once it clears the $116,850 resistance zone.
Bitcoin has begun a new increase beyond the $116,000 zone. The price is below $116,000 and trades a simple 100-hour moving average. On the hourly chart of the BTC/USD pair (data feed from Kraken), there was a break above the contract triangle with resistance of $115,750. Clearing the $116,850 zone could cause the pair to start another increase.
Bitcoin price hits resistance
Bitcoin prices have started a fresh upward wave that surpasses the $114,500 zone. The BTC was able to rise above the $115,000 and $115,500 resistance levels.
The Bulls managed to exceed $116,200 and $116,500 in prices. In addition to that, there was a break above a contractual triangle with resistance on the hourly wage chart of the BTC/USD pair. The price reached $116,959 and is now consolidating profits. This has been stable beyond the 23.6% FIB retracement level, from the recent swing low of $114,156 to the $116,959.
Bitcoin is currently trading above $116,000 and has a simple moving average every 100 hours. Immediate resistance is close to the $116,850 level. The first important resistance is close to the $117,200 level.
The next resistance could be $117,500. Over $117,500 resistance could lead to even higher prices. If stated, the price could rise and test a resistance level of $118,400. Any further profit could potentially send the price towards the $118,800 level. The Bulls’ next barrier could be $119,250.
Another reduction in BTC?
If Bitcoin does not rise above the $116,850 resistance zone, it could begin a new decline. Immediate support is close to the $116,250 level. The first major support is either close to the $115,550 level or a 50% FIB retracement level from the recent $114,156 Swing Low to $116,959.
The following support is located near the $115,200 zone: Any further losses could send the price to $114,500 in the short term. The main support is $112,500, and BTC could drop significantly.
Technical indicators:
HOURLY MACD – MACD is currently increasing its pace in the bullish zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is above 50 levels.
Key support levels – $115,550 followed by $115,200.
Major resistance levels – $116,850 and $117,200.
