The Bitcoin price has been holding steady at $117.250. BTC has been consolidating, but must break through the $118.500 resistance level to get bullish momentum.
- Bitcoin began a downward correction under the $118.500 area.
- Price is nearing $118,000, and 100-hour Simple Moving Average.
- The hourly chart for the BTC/USD pairs shows a trendline that is bearish. Resistance at $118.200. (Data feed from Kraken).
- It is possible that the pair will start another uptrend if they clear $118.500.
Bitcoin price Eyes Upside Break
The Bitcoin price has started to rise again above the previous levels. $117,000 zone. BTC has moved above resistance levels at $117.500 and $118.800 to enter a zone of positive movement.
The bulls have been able to drive the price past the $119.250 resistance. The pair has now corrected gains after a high of $119,795 was reached. A move was made below the Fib level 23.6% retracement of the move upward from the swing low at $114,733 to the high at $119,795
Bitcoin has now reached a price of $118,000, and is expected to continue rising. 100 hourly Simple moving average. On the upside, the immediate resistance is located near $118.200. A bearish trendline is forming on the hourly BTC/USD charts with $118,200 as resistance.
Near $119.200 is the first major resistance. The next possible resistance is $120.500. If the price closes over the resistance level of $120.500, it could send it higher. The price may rise to test the resistance of $122,500 in the case stated. All further gains could push the price towards the 122,500-level. This could be the primary target.
BTC: More losses in the BTC market?
Bitcoin could begin a new decline if it fails to break through the resistance level of $118,500. The immediate support level is around $117.250 or 50% of Fib’s retracement from the swing low at $114.733 to the high at $119.795 Near the $116.600 level, we find our first significant support.
In the near term, any further losses could send the price towards support at $114.600. Price could fall further and reach the support at $114,600 in the near future. BTC could continue to fall below the $113,500 support level.
The following are 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 – $117,250, followed by $116,600.
Major Resistance Levels – $118,500 and $120,500.
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Source: www.newsbtc.com
