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Bitcoin price started a fresh increase above the $110,500 zone. BTC is now up over 5%, traded to a new high, and extend gains above the $116,000 level.
Bitcoin price started a fresh increase after it cleared the $110,500 resistance zone. BTC gained pace for a move above the $112,000 and $113,500 resistance.
Besides, there was a break above a bearish trend line with resistance at $111,000 on the hourly chart of the BTC/USD pair. The bulls even pumped the pair above the $115,000 resistance zone. A new all-time high was formed at $116,800 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $110,600 swing low to the $116,800 high.
Bitcoin is now trading above $113,500 and the 100 hourly Simple moving average. Immediate resistance on the upside is near the $116,000 level. The first key resistance is near the $116,200 level. The next resistance could be $116,800.
A close above the $116,800 resistance might send the price further higher. In the stated case, the price could rise and test the $118,000 resistance level. Any more gains might send the price toward the $118,800 level. The main target could be $120,000.
If Bitcoin fails to rise above the $116,800 resistance zone, it could start a downside correction. Immediate support is near the $115,300 level. The first major support is near the $113,700 level or the 50% Fib retracement level of the upward move from the $110,600 swing low to the $116,800 high.
The next support is now near the $113,200 zone. Any more losses might send the price toward the $112,500 support in the near term. The main support sits at $110,500, below which BTC might continue to move down.
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 $115,300, followed by $113,700.
Major Resistance Levels $116,800 and $118,000.