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Bitcoin Price Action Strong – Can Bulls Maintain Momentum?

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

  • Bitcoin began a recent enhance above the $114,200 zone.
  • The value is buying and selling under $115,000 and the 100 hourly Simple transferring common.
  • There is 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 enhance if it clears the $116,200 zone.

Bitcoin Price Gains Traction

Bitcoin value began a fresh recovery 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 high as $116,298 and not too long ago began a consolidation part. There was a minor decline under $115,800, however the value remains to be above the 23.6% Fib retracement degree of the latest transfer from the $110,815 swing low to the $116,298 high.

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

Immediate resistance on the upside is close to the $116,000 degree. The first key resistance is close to the $116,200 degree. The subsequent resistance might be $116,800. An in depth above the $116,800 resistance would possibly ship the worth additional increased. In the said case, the worth might rise and check the $117,500 resistance degree. Any extra features would possibly ship the worth towards the $118,400 degree. The subsequent barrier for the bulls might be $118,800.

Another Decline In BTC?

If Bitcoin fails to rise above the $116,200 resistance zone, it might begin a recent decline. Immediate help is close to the $115,000 degree and the development line zone. The first main help is close to the $113,550 degree or the 50% Fib retracement degree of the latest transfer from the $110,815 swing low to the $116,298 high.

The subsequent 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 principal help sits at $110,500, under which BTC would possibly decline sharply.

Technical indicators:

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

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

Major Support Levels – $115,000, adopted by $113,500.

Major Resistance Levels – $116,000 and $116,200.

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