Bitcoin’s price began a rapid rise and was trading above $124,000. BTC consolidates its gains now and may aim for another rally on the short-term.
- Bitcoin has started to increase in value above $123,500.
- Price is above 122,000 dollars and 100-hour Simple Moving Average.
- A short-term trend line is developing with support of $123,000 in the BTC/USD hourly chart (data feed by Kraken).
- If it breaks the $124,500 level, then there is a chance that this pair will continue to rise.
Bitcoin Prices Starts a New Rally
Bitcoin’s price managed to keep above the zone of $120,000, and has started an upward trend. fresh increase. BTC started the current movement above the resistance zone of $121,500.
Bulls managed to push the price up above $123,500 and 124,000. The bulls even broke the $125,000 mark. The price reached a high of $125,670 and then retreated to a low of $122,250. Price is rising again and near 50% Fib of recent drop from $125,670 swing low to $122,320.
Bitcoin has now reached a price of $123,000. 100 hourly Simple moving average. Lastly, an hourly chart for the BTC/USD pairs shows a short term bullish trendline with a support of $123,000.
On the upside, immediate resistance is located near the $124,000 mark. First, the key resistance level is around the $124,500 mark or the Fib level of 61.8% retracement from the swing high at $125,670 to the low price of $122,320. The next possible resistance is $125,500. If the price closes over the $125.500 resistance, it could send the market higher. Price could test resistance at $126.500 in this case. If the bulls continue to gain, the price could reach the $128,000. Bulls may face a next hurdle of $130,000.
Downside Correction In BTC?
Bitcoin may start another decline if the price fails to move above $124.500. The trendline and $123,000 are the immediate support levels. The $122,250 support level is the first significant major support.
Next support zone is near $121,500. If the price continues to fall, it could soon reach the support at $120,000. BTC may struggle to recover if it falls below $118.500.
The following are 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 – $123,000, followed by $122,250.
Major Resistance Levels – $124,500 and $125,500.
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Source: www.newsbtc.com
