"Price held above the lows, however, slowly plodding a little bit higher to close out the week at $114,530. Bulls should not be overly disappointed with this price action, as they did reclaim the $112,200 resistance level, and are now closing in on conquering the next resistance level at $115,500. The bears are still sitting comfortably in control, though, with stronger resistance levels hanging overhead that the bulls have yet to challenge."
"Holding above the prior week's low is a positive sign for the bulls, while they managed to maintain price above the key short-term support of $106,900 last week as well. This level must hold going forward, as closing below $106,900 opens the door back down to the $105,000 to $102,000 support zone that has already been tested twice. A third test of this support zone would be more likely to break it than to hold it."
Bitcoin traded subdued last week, closing at $114,530 after holding above prior lows and reclaiming $112,200. Buyers inched toward $115,500 but stronger resistance remains at $117,600 and $122,000. A sustained move above $122,000 would target $128,000 at the upper boundary of a broadening wedge. Immediate support sits at $106,900; a close below would expose the $105,000–$102,000 zone that has been tested twice and risks breaking on a third test. $96,000 is identified as long-term bull market support. Elevated volatility is expected this week due to the FOMC decision and major earnings.
Read at Bitcoin Magazine
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