Bitcoin’s price has corrected gains to below $121,200. BTC may be consolidating now and aiming to break above the $120.500 resistance level.
- Bitcoin began a downward correction under the $121,200 area.
- Above $118,000, the price has traded above 100-hour Simple Moving average.
- On the hourly chart for the BTC/USD, there is a strong bullish trendline with support of $118.600 (data from Kraken).
- If the pair clears $120.250, it could start another rise.
Bitcoin Price Holds Key Support
Bitcoin’s price has failed to reach gains of more than $122,250, and is now in a downward trend. downside correction. BTC traded under the $121,200 zone and corrected all gains.
A move was made below $120,500. Price dropped below 50% of Fib’s retracement from $116,282 swing-low to $122,272 peak. The price spiked down below $118.500 and then tested the 100-hourly simple moving average.
Bitcoin now trades above $118,000 100 hourly Simple moving average. The hourly BTC/USD chart also shows a rising trend line with a resistance at $118.600.
Near the $120,000 mark, the immediate resistance is on the downside. Near the level of $120.250, we find our first major resistance. Next resistance may be at $120,850. If the price closes over the resistance level of $120.850, it could send it higher. Price could test resistance at $122,250 and rise in this case. In the event of further gains, the price could move towards the $124,000 resistance level. It is possible that the main goal could be $125,000.
BTC: More losses in the BTC market?
Bitcoin may start a decline if the price fails to move above $120.500. The immediate support level is around $118.600 or the Fib retracement of 61.8% from the swing low at $116.282 to the high of $122,272. Near the $117.800 level, we find our first significant support.
In the near term, any further losses could send the price towards support at $115.500. In the short term, any further losses could send the price towards the $115.500 support. BTC could continue its downward movement if it falls below $113,500.
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 – $118,600, followed by $117,800.
Major Resistance Levels – $120,250 and $120,850.
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Source: www.newsbtc.com
