Bitcoin Breakout Alert — Price Turns Green as Bulls Step In

Bitcoin price started a fresh increase above the $108,500 zone. BTC is now up over 3% and showing positive signs above the $110,000 level.Bitcoin started a fresh increase above the $108,500 zone.The price is trading above $110,500 and the 100 hourly Simple moving average.There was a break above a bearish trend line with resistance at $108,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair could continue to rise if it clears the $112,000 resistance zone.Bitcoin Price Eyes More GainsBitcoin price started a fresh increase after it cleared the $108,500 resistance zone. BTC gained pace for a move above the $108,800 and $109,500 resistance.Besides, there was a break above a bearish trend line with resistance at $108,800 on the hourly chart of the BTC/USD pair. The bulls even pumped the pair above the $110,000 resistance zone. It opened the doors for a move toward the $112,000 level.A high was formed at $112,000 and the price is now consolidating gains. It tested the 23.6% Fib retracement level of the upward move from the $107,500 swing low to the $112,000 high.Bitcoin is now trading above $109,500 and the 100 hourly Simple moving average. Immediate resistance on the upside is near the $111,600 level. The first key resistance is near the $112,000 level. The next resistance could be $112,500.A close above the $112,500 resistance might send the price further higher. In the stated case, the price could rise and test the $115,000 resistance level. Any more gains might send the price toward the $116,000 level. The main target could be $118,000.Downside Correction In BTC?If Bitcoin fails to rise above the $112,000 resistance zone, it could start a downside correction. Immediate support is near the $110,800 level. The first major support is near the $109,750 level or the 50% Fib retracement level of the upward move from the $107,500 swing low to the $112,000 high.The next support is now near the $109,200 zone. Any more losses might send the price toward the $108,500 support in the near term. The main support sits at $107,500, 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 – $110,800, followed by $109,750.Major Resistance Levels – $112,000 and $115,000.Weiter zum vollständigen Artikel bei NewsBTC Weiter zum vollständigen Artikel bei NewsBTC