The Bitcoin price has been consolidating its gains under the resistance of $118,000. BTC might start a downward correction if the support level of $116.200 is broken.
- Bitcoin has started to decline again after failing to break through the $120,000 area.
- This price has fallen below the $100 hourly simple moving average and is currently trading under $118,000.
- On the hourly BTC/USD chart, there is a bearish line with resistance of $118,000 (data from Kraken).
- It is possible that the pair will start another growth if they clear $120,000.
Bitcoin Prices Drop Again
Bitcoin Price started at a correction Bulls fail to overcome $120,000 resistance. BTC dropped below $118,000 and tried the $116200 level.
Price is currently trying to rise after the low of $116,260 was reached. Bulls pushed the price up above $117,000, the resistance level. The price moved toward the Fib 50% retracement of the decline from the swing high at $119,630 to the low at $116,260.
Bitcoin now trades below $118.500 100 hourly Simple moving average. On the upside, the immediate resistance is located near $118,000. A bearish trendline is also developing with $118,000 as resistance on the hourly BTC/USD charts.
First key resistance near $118.400. This is near the 61.8% fib of the decline from the swing high $119,630 to the low $116,260. The next possible resistance is $119150.
The price could rise if it closes over the resistance level of $119.150. Price could test resistance at $120.500 in this case. Any further gains could send the price towards the $122,000 barrier. It is possible that the main goal could be 123,200.
BTC to decline again?
Bitcoin’s next decline could be triggered if the price fails to climb above $118.400. Near the $116.200 level, there is immediate support. First major support near $115.500.
Next support zone is near $115.500. In the short term, any further losses could send the price towards the $112,500 resistance. BTC may continue to drop below $111200.
The following are technical indicators.
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $116,200, followed by $115,500.
Major Resistance Levels – $118,000 and $120,500.
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Source: www.newsbtc.com
