Bitcoin is trading at below $118,000. BTC continues to show some negative signs. It could fall towards. $112,000 zone.
- Bitcoin has started to correct downwards below the $118,000 area.
- The 100-hour Simple moving average and price are below $116.500.
- On the hourly BTC/USD chart, there is a major bearish trendline with resistance around $118,000 (data from Kraken).
- If the pair clears $118,000, it could start another rise.
Bitcoin price drops again
The Bitcoin price has started to rise. fresh decline After a close under the $120,000 mark. BTC has gained negative momentum, trading below $118.500.
The 100 hourly simple moving average and support zone at $116,500 were both moved below. The pair tried to test the $114.750 area. At $114.715 a low has been formed and now the price is consolidating under the 23.6% fib retracement levels of the recent fall from the swing high at $124.420 to the low at $114.715
Bitcoin has now fallen below the $117,000 mark. 100 hourly Simple moving average. The immediate resistance to the upside lies near $117,000. Near the $118,000 mark, we find our first major resistance. A key trend line is forming on the BTC/USD hourly chart with resistance near $118,000
A close above $118.500 could send the price further higher. The price could rise if it closes above $118.500. The price may rise in the case stated and reach the $119.500 resistance. This is very close to 50% of Fib’s retracement from the recent fall between the $124.420 swing low and the $114.715 low. If there are any more gains, the price could move towards the $120,000 area. This could be the primary target.
BTC Losses Increased?
Bitcoin may start another decline if the price fails to move above $118,000, the zone of resistance. The immediate support level is around $115,000. First major support nears $114.750.
Near the zone of $113.500, we are now approaching our next support. Price could fall further and reach the support at $112,000 in the short-term. BTC could continue to fall if it falls below $110,000.
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 – $115,000, followed by $113,500.
Major Resistance Levels – $118,000 and $118,500.
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Source: www.newsbtc.com
