Jakarta, Pintu News – Bitcoin (BTC) is currently consolidating above the $113,500 support, showing potential for further gains. With resistance located at $115,750, the opportunity to surge higher is wide open.
After forming a strong base, Bitcoin (BTC) price started a fresh increase above the $112,500 zone. This increase accelerated its movement past the key resistance at $113,500, paving the way for an increase above $115,000 and the 100 hourly simple moving average.
Finally, the price managed to surge above $116,000 and is currently consolidating gains above the 23.6% Fibonacci retracement level of the recent wave that started from the low of $106,718 to the high of $116,309. Additionally, there is a bullish trend line formed with support at $113,900 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $114,000 and the hourly simple moving average.
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The immediate resistance on the upside is near the $115,000 level. The first key resistance is near the $115,500 level. The next resistance might be $115,750. A close above the $115,750 resistance could push the price even higher. In that scenario, the price could attempt to test the $116,300 resistance. A further increase might lead the price towards the $117,500 level. The next limit for the bulls might be $118,000.
If Bitcoin fails to rise above the $115,500 resistance zone, it could trigger a fresh decline. Immediate support is near the $114,000 level. The first major support was near the $113,500 level or the trend line. The next support is now near the $111,000 zone. Further losses might send the price towards the $110,500 support in the short term. The key support is at $108,500, below which Bitcoin might struggle to recover in the short term.
Hourly MACD – MACD is currently gaining momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
With strong support and clear resistance, Bitcoin (BTC) is well-positioned to continue its upward trend. Investors and traders should monitor the key levels mentioned to take the right decisions in their trades.
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