Bitcoin’s price has risen above $116.500. BTC has now faced hurdles, and may gain bullish movement if the $117.250 zone of resistance is cleared.
- Bitcoin has started to rise above $116.200.
- The 100-hour Simple Moving Average and price are below $116.200.
- On the hourly chart for the BTC/USD, there is a strong bullish trendline with support around $115.500 (data from Kraken).
- If the pair clears $117.250, they may start a new increase.
Bitcoin Price Faces Key Hurdle
The Bitcoin price has started to rise again upward wave Above the $115.500 zone. BTC was able to break through the resistance level of $116,000 as well as $116,200.
The bulls have been able to drive the price up above $117,000. Recently, the price started to correct downwards after trading as high as $117 291 The price moved below $116,800. The price dropped below the Fib 50% retracement of the recent rise from the swing low at $114,157 to the high at $117,291
The bulls were still active around $115,000, and at the Fib level of 61.8% retracement. recent move The swing high was $117.291, up from $114.157, the low. Bitcoin now trades above $116.200 and the hourly Simple Moving Average of 100. A key bullish line is developing with support at $115.500 on the BTC/USD hourly chart.
The immediate resistance to the upside lies near $116.950. Near the $117.250 level, we find our first major resistance. Next resistance may be at $117,800. The price could rise if it closes above $117,800. Price could test and rise above $118.500 level in the case stated. If the price continues to rise, it could reach the $118.800 resistance level. Bulls may face a next hurdle of $119.250.
A Drop in BTC Prices?
Bitcoin could begin a new decline if it fails to break through the resistance level of $117,250. The immediate support level is around $116,200. First major support near $115.500 or trendline.
Near the next support, we are now at $115,000 dollars. If the price continues to fall, it could soon reach the support of $114.500. BTC’s main support is $112,500. Below this level, BTC may fall heavily.
Indicators of technical indicators
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $115,500, followed by $115,000.
Major Resistance Levels – $116,950 and $117,250.
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Source: www.newsbtc.com
