Bitcoin has now trimmed its gains since the 124,000-dollar zone. BTC now consolidating under You can aim to recover the wave with $120,000.
- Bitcoin has started to correct downwards from the 124,000-zone.
- The 100 hour Simple moving average and price are below the $122,000 mark.
- On the hourly chart for the BTC/USD, there was a breakdown below the key bullish line. Support is at $120,000 (data from Kraken).
- It is possible that the pair will start another growth if they clear $120,000.
The price of Bitcoin drops sharply
Price of Bitcoin traded on a new all-time high The bears were nowhere near 124,000. BTC began a correction, trading below the $122,000 zone of support.
The 100-hour Simple Moving Average and the support zone of $121,200 were both moved below. A break was also made below the $120,000 support level of a bullish trendline on the BTC/USD hourly chart. The pair was tested at $117.250.
The market is consolidating its losses. It has recovered a bit to reach the Fib 23.6% retracement of the movement from the swing high at $124,420 to the low of $117,250. Bitcoin is currently trading under $120,000. 100 hourly Simple moving average.
The immediate resistance to the upside lies near $119,000 Near the $120,000 mark, we find our first major resistance. Next, $120.500 could act as a resistance. If the price closes above $120,500 then it could send the market higher.
Price could test either the 121,650 Fib resistance or 61.8% of the Fib retracement for the movement from the $124.420 swing low to the $117.250 low. If the price continues to rise, it could reach the level of $122,200. It is possible that the main goal could be 123,500.
BTC: Another drop in the BTC price?
Bitcoin may start another decline if the price fails to move above $120,000. The immediate support level is around $118,000 First major support nears $117.250.
In the near term, any further losses could send the price towards support at $115.500. In the short term, any further losses could send the price towards the $115.500 support. BTC could continue its downward movement if it falls below $113,500.
The following are 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 $116,500.
Major Resistance Levels – $120,000 and $120,500.
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Source: www.newsbtc.com
