Answer to title question: Depends on you OS. It's on the Bitcoin wiki
https://en.bitcoin.it/wiki/Data_directory.
Answer to thread question: Yes it is possible but you
may need to move more than just the blockchain files. They changed how it works with new blockchain format so I'm not sure what steps to take to ensure a successful transfer. However, I do know it is possible and not to complicated.
Edit: Wow this forum is getting active two people posted while I was writing my answer.