Bitcoin price is trying to recover above $113,500. BTC could rise further if there is a clear move above the USD 115,500 resistance.
- Bitcoin started a new recovery wave above the $113,500 resistance level.
- The price is trading above USD 114,000 and the 100 hourly Simple Moving Average.
- A bullish trendline is forming with support at $113,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it trades above the $115,500 zone.
Bitcoin price starts to rise again
Bitcoin price fell below the $108,000 level again. BTC tested the $106,720 zone and recently started a new increase. There was a move above the $112,000 resistance level.
The bulls were able to pump the price above $113,500 and the 100 hourly Simple Moving Average. Finally, the price spiked above $115,000 and is currently consolidating gains above the 23.6% Fib retracement level from the recent wave from the $106,718 swing low to the $115,400 high.
Furthermore, a bullish trendline is forming with support at $113,350 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $114,000 and the 100 hourly Simple Moving Average.
The immediate resistance on the upside is near the $115,250 level. The first major resistance is around the $115,500 level. The next resistance could be $116,200. A close above the resistance at $116,200 could send the price higher. In the mentioned case, the price could rise and test the USD 117,000 resistance. Any further gains could send the price towards the $118,000 level. The next threshold for the bulls could be $118,800.
Another BTC pullback?
If Bitcoin fails to rise above the USD 115,500 resistance zone, it could start a new decline. Immediate support is near the $114,000 level. The first major support is near the $113,500 level or trendline.
The next support is now near the $111,000 zone. Any further losses could send the price towards the USD 110,500 support in the near term. The key support is at $108,500, below which BTC could struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – $114,000, followed by $113,500.
Major resistance levels – $115,500 and $116,500.