📈 BTC Winding Up — Will the Tight Range Snap Into a Bull Run?

Bitcoin is seeking a break over $118,500. To gain short-term momentum, BTC must break $120,500 barrier.

Bitcoin rose again after clearing $118,500.
The price is over $118,500 and the 100-hour SMA.

BTC/USD broke above a negative trend line with resistance at $118,300 on the hourly chart.

If it breaks $120,500 barrier, the pair may rise again.

Bitcoin Price Targets Key Upside Break

From $115,000, bitcoin price rose. After breaking $116,500 and $117,800 resistance, BTC entered a bullish zone.

On the hourly BTC/USD chart, a negative trend line with resistance around $118,300 was broken. Bulls broke $118,500 resistance. A high was achieved at $119,795 and the pair is consolidating gains above the 23.6% Fib retracement line of the upward advance from $114,733 swing low to $119,795 high.

Bitcoin is over $118,800 and the 100-hour SMA. The $119,800 level represents immediate upward resistance. Near $120,000 is the first major resistance.

The next hurdle may be $120,500. A closing above $120,500 barrier might boost prices. The price may increase to $122,500 resistance. More increases might push the price beyond $122,500. The goal may be $123,200.

Another BTC Drop?
Bitcoin may fall again if it fails to break $120,500. Near $118,600 is immediate support. Near $117,800 is the first big support.

The next support is approaching $117,250, the 50% Fib retracement level of the upward run from $114,733 swing low to $119,795 high. More losses might push the price beyond $116,600. BTC may continue to fall below $115,500, the primary support.

The technical indications

The MACD is rising in the positive zone.

Relative Strength Index hourly BTC/USD RSI is over 50.

Major Support Levels: $118,600, $117,250.

Key Resistance Levels: $119,800, $120,500.

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