Bitcoin Trades Sideways — Consolidation Above Support Could Fuel Next Upside

Bitcoin price is consolidating gains above $113,500. BTC could rise further if there is a clear move above the $115,750 resistance.

Bitcoin started a fresh upward move above the $114,000 resistance level.
The price is trading above $114,200 and the 100 hourly Simple moving average.
There is a bullish trend line forming with support at $113,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might continue to move up if it trades above the $115,750 zone.

Bitcoin Price Starts Consolidation

Bitcoin price formed a base and started a fresh increase above the $112,500 zone. BTC gained pace for a move above the main hurdle at $113,500.

It opened the doors for a move above $115,000 and the 100 hourly Simple moving average. Finally, the price spiked above $116,000 and is currently consolidating gains above the 23.6% Fib retracement level of the recent wave from the $106,718 swing low to the $116,309 high.

Besides, there is a bullish trend line forming with support at $113,900 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $114,000 and the 100 hourly Simple moving average.

Immediate resistance on the upside is near the $115,000 level. The first key resistance is near the $115,500 level. The next resistance could be $115,750. A close above the $115,750 resistance might send the price further higher. In the stated case, the price could rise and test the $116,300 resistance. Any more gains might send the price toward the $117,500 level. The next barrier for the bulls could be $118,000.

Another Pullback In BTC?

If Bitcoin fails to rise above the $115,500 resistance zone, it could start a fresh decline. Immediate support is near the $114,000 level. The first major support is near the $113,500 level or the trend line.

The next support is now near the $111,000 zone. Any more losses might send the price toward the $110,500 support in the near term. The main support sits at $108,500, below which BTC might struggle to recover in the short term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace 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.

[#item_full_content]NewsBTCRead More