Bitcoin’s price has risen above $116.650. BTC has now faced hurdles, and may extend gains once it breaks the $118,000 support zone.
- Bitcoin has started to increase again above $116.500.
- The 100 hourly simple moving average and the price are below $116.500.
- On the hourly BTC/USD chart, there is a strong bullish trendline with a support level of $115.800 (data from Kraken).
- It is possible that the pair will start another rise if they clear $117.850.
Bitcoin price to see more gains
Bitcoin Price started at a fresh upward wave Above the $116,000 area. BTC was able to surpass the resistance levels of $116.200, $116.500.
Bulls managed to get the price over $117,500. Recently, the price started to correct downwards after trading as high as $117.920. The price dropped below $117,200. The price dropped to a 50% Fib level and then tested it.
The bulls were more active around $116,750. Bitcoin has now traded above $116.500. 100 hourly Simple moving average. On the hourly BTC/USD chart, a bullish trendline is also forming, with support around $115,800.
The immediate resistance to the upside lies near $117.500. First key resistance near $117.850. Next resistance may be at $118,000. The price could rise if it closes above $118,000. The price may rise in the case stated and try to test the $118.500 level of resistance. The price could rise further and test the resistance of $118,800. Bulls may face a next hurdle of $119.250.
A Drop in BTC Prices?
Bitcoin could begin a new decline if it fails to break through the resistance level of $117,850. Near the $116.550 level, there is immediate support. First major support near $115.800 or trendline and 76.4% Fib level.
Next support zone is near $115.250. If the market continues to fall, the next support is near $114.500. BTC’s main support is $112,500. Below this level, BTC may fall heavily.
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 above the 50 level.
Major Support Levels – $116,550, followed by $115,800.
Major Resistance Levels – $117,850 and $118,000.
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Source: www.newsbtc.com
