Bitcoin is now correcting its gains made from the zone of $122,250. BTC may be consolidating now and aiming for the resistance level of $120.500.
- Bitcoin has started to increase again above $118.500.
- Above $118,000, the price has traded above 100-hour Simple Moving average.
- On the hourly chart for the BTC/USD, there was a breakdown below the key bullish line. Support is at $119.500 (data from Kraken).
- It is possible that the pair will start a second increase after clearing $120.500.
Bitcoin Price Targets New Increase
Price of bitcoin found support around $115.500 and began to move upwards. fresh increase. BTC has been able to rise above resistance levels of $117,500, and $118.800.
Even the price cleared $120,500 of resistance and moved into a favorable zone. Finaly, the price reached the resistance level of $122,250. The price has recently corrected its gains after a recent high at $122,273. The price dropped below $120.500.
Price dropped below 50% of the Fib level. The upward movement from $116,282 swing-low to $122,273 was retraced. On the hourly BTC/USD chart, the price broke below the key bullish line that provides support at $119.500.
Bitcoin now trades above $118,000 100 hourly Simple moving average. Near the level of $119.250, there is immediate upward resistance. First key resistance near $120,500.
A close above the $121,250 resistance may send the price further higher. The price could rise if it closes above the resistance level of $121,250. Price could test $123,200 level in this case. Continuing gains could push the price towards the $124,000 mark. It is possible that the main goal could be $125,000.
BTC Losses Increased?
Bitcoin’s next decline could be triggered if the price fails to climb above $120.500. Near the $118.200 level, there is immediate support. First major support near $117.800.
Next support zone is near $116.550. Price could drop to $115,500 in near-term if it continues to fall. BTC could continue its downward movement if it falls below $113,500.
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 – $118,200, followed by $116,550.
Major Resistance Levels – $119,250 and $120,500.
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Source: www.newsbtc.com
