Bitcoin remains in the $117.250 area of support. BTC has been consolidating, and may attempt to break through the $118.600 resistance area to gain positive momentum.
- Bitcoin has started to correct downwards from a zone around $120,000.
- Price is below the Simple Moving Average of 100 hours and $118.500.
- The hourly chart for the BTC/USD pairs shows a trendline that is bearish. Resistance at $118.600. (Data feed from Kraken).
- If the pair clears $118,600 of resistance it could start another rise.
Bitcoin Price remains Above Support
The Bitcoin price has started to rise. fresh increase Above the $118,000 Zone BTC has moved above $118.500, $118.800 and other resistance levels.
Bulls have been able to drive the price past the $119.500 resistance. At $119.796 a new high was established and now the pair is correcting its gains. A move was made below the Fib level 23.6% retracement of the move upward from the swing low at $114,733 to the high at $119,796.
Bitcoin now trades below $118.500 100 hourly Simple moving average. On the upside, the immediate resistance is located near $118.500. On the hourly BTC/USD chart, a downward trend is forming. Resistance at $118.600 represents this.
First key resistance near $119.250. The next possible resistance is $119.800. The price could rise if it closes above $119,800. The price may rise in the case stated and try to test the resistance level of $120,500. Continued gains could push the price towards the $122,500 mark. This could be the primary target.
BTC Downside Break?
Bitcoin may start a decline if the price fails to move above $118.600. The immediate support level is around $117.250 or 50% of Fib’s retracement from the swing low at $114.733 to the high of $119.796. First major support near $116.650.
Next support zone is near $115.950. In the short term, any further losses could send the price towards the $114.500 support. BTC may continue to fall below the $113,500 support level.
Indicators of technical indicators
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $117,250, followed by $116,650.
Major Resistance Levels – $118,600 and $119,800.
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Source: www.newsbtc.com
