The bitcoin price has its sights set on a new increase over the resistance of $118.500. BTC has to break through the resistance level of $120.500 before it can gain momentum.
- Bitcoin began a new increase once it crossed the $118.500 level.
- Above $118.500, the price has traded above 100-hour Simple Moving average.
- The hourly chart for the BTC/USD pairs showed a breakthrough above a major bearish trendline. This line has resistance at $118.300. (Data feed from Kraken)
- It is possible that the pair will start a new increase once it has cleared $120.500.
Bitcoin Price Aims Key Upside Break
The Bitcoin price has started to rise. fresh increase The $115,000 area. BTC has moved above $116.500 and $117.800 to enter a positive area.
On the hourly BTC/USD chart, there has also been a breakout above the key trendline with resistance of $118,300. The bulls have been able to move the price past the $118.500 resistance. At $119.795 a new high was created and now the pair consolidates gains over the level 23.6% of Fib that represents the upward movement from the swing low at $114.733 to the high $119.795
Bitcoin now trades above $118.800 100 hourly Simple moving average. Near the level of $119.800, there is immediate upward resistance. First key resistance near $120,000.
A close above the $120,500 resistance may send the price further higher. The price could rise if it closes above $120,500. The price may rise to test the resistance of $122,500 in the case stated. Any additional gains may send the market price to the 122,500 level. This could be the primary target.
One more drop in BTC?
Bitcoin could begin a new decline if it fails to break through the resistance zone of $120,500. Near the $118.600 level, there is immediate support. Near $117.800 is the first significant support.
Next support lies near $117.250 or 50% Fib of the move upward from the swing low at $114.733 to the high at $119.795 Price could drop to $116,600 in near-term if there are any more losses. BTC may continue to drop below $115.500.
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 – $118,600, followed by $117,250.
Major Resistance Levels – $119,800 and $120,500.
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Source: www.newsbtc.com
